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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2014
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,

    2014      2013  

Basic Earnings per Share:

      

Net income attributable to Watsco, Inc. shareholders

    $ 16,753       $ 13,385   

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

      1,242         937   
  

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 15,511       $ 12,448   
  

 

 

     

 

 

  

Weighted-average common shares outstanding – Basic

      32,249,988         32,157,729   

Basic earnings per share for Common and Class B common stock

    $ 0.48       $ 0.39   

Allocation of earnings for Basic:

      

Common stock

    $ 14,211       $ 11,401   

Class B common stock

      1,300         1,047   
  

 

 

     

 

 

  
   $ 15,511       $ 12,448   
  

 

 

     

 

 

  

Diluted Earnings per Share:

      

Net income attributable to Watsco, Inc. shareholders

    $ 16,753       $ 13,385   

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

      1,242         937   
  

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 15,511       $ 12,448   
  

 

 

     

 

 

  

Weighted-average common shares outstanding – Basic

      32,249,988         32,157,729   

Effect of dilutive stock options

      55,457         55,711   
  

 

 

     

 

 

  

Weighted-average common shares outstanding – Diluted

      32,305,445         32,213,440   
  

 

 

     

 

 

  

Diluted earnings per share for Common and Class B common stock

    $ 0.48       $ 0.39   

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; therefore, no allocation of earnings to Class B common stock is required. At March 31, 2014 and 2013, our outstanding Class B common stock was convertible into 2,702,815 and 2,705,465 shares of our Common stock, respectively.

Diluted earnings per share excluded 500 shares for the quarter ended March 31, 2014 related to stock options with an exercise price per share greater than the average market value of our common stock, resulting in an anti-dilutive effect on diluted earnings per share. No shares were excluded from diluted earnings per share for the quarter ended March 31, 2013.