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PER SHARE INFORMATION
 9 Months Ended
Sep. 30, 2012
PER SHARE INFORMATION

6.    PER SHARE INFORMATION:

Basic earnings per share is computed using the weighted average number of common shares outstanding during the period, and diluted earnings per share is computed using the weighted average number of common shares outstanding during the period adjusted for all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be antidilutive. The amounts used to compute the basic and diluted earnings per share for the three and nine months ended September 30, 2012 and 2011 are illustrated below (in thousands):

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2012      2011      2012      2011  

NET INCOME:

            

Net income attributable to common stock

    $ 96,398       $ 51,994       $ 207,643       $ 66,201   
  

 

 

     

 

 

     

 

 

     

 

 

  

WEIGHTED AVERAGE SHARES:

            

Weighted average shares outstanding for basic earnings per share

      213,150         210,583         212,564         213,400   

Effect of dilutive stock options

      92         109         86         128   

Effect of shares in escrow

      —           —           —           527   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding for diluted earnings per share

      213,242         210,692         212,650         214,055   
  

 

 

     

 

 

     

 

 

     

 

 

  

For purposes of calculating diluted earnings per share, there were no adjustments required to derive Quanta’s net income attributable to common stock. For the three and nine months ended September 30, 2012 and 2011, a nominal number of stock options were excluded from the computation of diluted earnings per share because the exercise prices of the stock options were greater than the average market price of Quanta’s common stock. The 3.9 million exchangeable shares of a Canadian subsidiary of Quanta that were issued pursuant to the acquisition of Valard Construction LP and certain of its affiliated entities (Valard) on October 25, 2010, which are exchangeable on a one-for-one basis with shares of Quanta common stock, are included in weighted average shares outstanding for basic and diluted earnings per share for the three and nine months ended September 30, 2012 and 2011.