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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share

2. EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per common share for our Common and Class B common stock:

 

Quarters Ended March 31,

    2013      2012  

Basic Earnings per Share:

      

Net income attributable to Watsco, Inc. shareholders

    $ 13,385       $ 8,466   

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock

      937         1,408   
  

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 12,448       $ 7,058   
  

 

 

     

 

 

  

Weighted-average Common and Class B common shares outstanding for basic earnings per share

      32,157,729         30,756,626   

Basic earnings per share for Common and Class B common stock

    $ 0.39       $ 0.23   

Allocation of earnings for Basic:

      

Common stock

    $ 11,401       $ 6,405   

Class B common stock

      1,047         653   
  

 

 

     

 

 

  
   $ 12,448       $ 7,058   
  

 

 

     

 

 

  

Diluted Earnings per Share:

      

Net income attributable to Watsco, Inc. shareholders

    $ 13,385       $ 8,466   

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock

      937         1,408   
  

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 12,448       $ 7,058   
  

 

 

     

 

 

  

Weighted-average Common and Class B common shares outstanding for basic earnings per share

      32,157,729         30,756,626   

Effect of dilutive stock options

      55,711         77,842   
  

 

 

     

 

 

  

Weighted-average Common and Class B common shares outstanding for diluted earnings per share

      32,213,440         30,834,468   
  

 

 

     

 

 

  

Diluted earnings per share for Common and Class B common stock

    $ 0.39       $ 0.23   

Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year and adjusts for the dilutive effects of outstanding stock options using the treasury stock method; therefore, no allocation of earnings to Class B common stock is required. As of March 31, 2013 and 2012, our outstanding Class B common stock was convertible into 2,705,465 and 2,846,334 shares of our Common stock, respectively.

No shares were excluded from diluted earnings per share for either the quarter ended March 31, 2013 or 2012.