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Per Share Information
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Per Share Information
7. 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 equivalents would be antidilutive. The amounts used to compute the basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are illustrated below (in thousands):

 

     Year Ended December 31,  
     2013      2012      2011  

AMOUNTS ATTRIBUTABLE TO COMMON STOCK:

         

Net income from continuing operations

    $ 401,921       $ 289,694       $ 118,511   

Net income from discontinued operations

      —           16,935         14,004   
  

 

 

     

 

 

     

 

 

  

Net income attributable to common stock

    $ 401,921       $ 306,629       $ 132,515   
  

 

 

     

 

 

     

 

 

  

WEIGHTED AVERAGE SHARES:

         

Weighted average shares outstanding for basic earnings per share

      214,929         212,777         212,648   

Effect of dilutive stock options

      49         58         126   

Effect of shares in escrow

      —           —           394   
  

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding for diluted earnings per share

      214,978         212,835         213,168   
  

 

 

     

 

 

     

 

 

  

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 years ended December 31, 2013, 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 outstanding 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 full years of 2013, 2012 and 2011. Shares of Quanta common stock placed in escrow related to a previous acquisition are included in the computation of diluted earnings per share for the year ended December 31, 2011, and are weighted based on the portion of the year they were held in escrow. These shares were released from escrow on April 4, 2011.