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Earnings Per Share | 6 Months Ended
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Jun. 30, 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:
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 51,318 |  |  | $ | 39,103 |  |  | $ | 64,703 |  |  | $ | 47,570 |
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock |  |  | 3,629 |  |  |  | 2,704 |  |  |  | 4,566 |  |  |  | 3,298 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 47,689 |  |  | $ | 36,399 |  |  | $ | 60,137 |  |  | $ | 44,272 |
Weighted-average Common and Class B common shares outstanding for basic earnings per share |  |  | 32,182,576 |  |  |  | 31,717,204 |  |  |  | 32,170,222 |  |  |  | 31,236,915 |
Basic earnings per share for Common and Class B common stock |  | $ | 1.48 |  |  | $ | 1.15 |  |  | $ | 1.87 |  |  | $ | 1.42 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 43,681 |  |  | $ | 33,137 |  |  | $ | 55,081 |  |  | $ | 40,244 |
Class B common stock |  |  | 4,008 |  |  |  | 3,262 |  |  |  | 5,056 |  |  |  | 4,028 |
|  | $ | 47,689 |  |  | $ | 36,399 |  |  | $ | 60,137 |  |  | $ | 44,272 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 51,318 |  |  | $ | 39,103 |  |  | $ | 64,703 |  |  | $ | 47,570 |
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock |  |  | 3,623 |  |  |  | 2,702 |  |  |  | 4,560 |  |  |  | 3,297 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 47,695 |  |  | $ | 36,401 |  |  | $ | 60,143 |  |  | $ | 44,273 |
Weighted-average Common and Class B common shares outstanding for basic earnings per share |  |  | 32,182,576 |  |  |  | 31,717,204 |  |  |  | 32,170,222 |  |  |  | 31,236,915 |
Effect of dilutive stock options |  |  | 66,279 |  |  |  | 66,503 |  |  |  | 61,024 |  |  |  | 72,173 |
Weighted-average Common and Class B common shares outstanding for diluted earnings per share |  |  | 32,248,855 |  |  |  | 31,783,707 |  |  |  | 32,231,246 |  |  |  | 31,309,088 |
Diluted earnings per share for Common and Class B common stock |  | $ | 1.48 |  |  | $ | 1.15 |  |  | $ | 1.87 |  |  | $ | 1.41 |
Anti-dilutive stock options not included above |  |  | — |  |  |  | 1,319 |  |  |  | — |  |  |  | 1,269 |
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 June 30, 2013 and 2012, our outstanding Class B common stock was convertible into 2,704,858 and 2,842,055 shares of our Common stock, respectively.

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