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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 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:

 

     Quarter Ended
June 30,		      Six Months Ended
June 30,		  
     2014      2013      2014      2013  

Basic Earnings per Share:

            

Net income attributable to Watsco, Inc. shareholders

    $ 56,101       $ 51,318       $ 72,854       $ 64,703   

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

      4,286         3,629         5,532         4,566   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 51,815       $ 47,689       $ 67,322       $ 60,137   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average common shares outstanding - Basic

      32,295,912         32,182,576         32,273,077         32,170,222   

Basic earnings per share for Common and Class B common stock

    $ 1.60       $ 1.48       $ 2.09       $ 1.87   

Allocation of earnings for Basic:

            

Common stock

    $ 47,467       $ 43,681       $ 61,668       $ 55,081   

Class B common stock

      4,348         4,008         5,654         5,056   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 51,815       $ 47,689       $ 67,322       $ 60,137   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted Earnings per Share:

            

Net income attributable to Watsco, Inc. shareholders

    $ 56,101       $ 51,318       $ 72,854       $ 64,703   

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

      4,281         3,623         5,526         4,560   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 51,820       $ 47,695       $ 67,328       $ 60,143   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average common shares outstanding - Basic

      32,295,912         32,182,576         32,273,077         32,170,222   

Effect of dilutive stock options

      57,133         66,279         56,299         61,024   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average common shares outstanding - Diluted

      32,353,045         32,248,855         32,329,376         32,231,246   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share for Common and Class B common stock

    $ 1.60       $ 1.48       $ 2.08       $ 1.87   

Anti-dilutive stock options not included above

      —           —           2,873         —     

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 June 30, 2014 and 2013, our outstanding Class B common stock was convertible into 2,710,315 and 2,704,858 shares of our Common stock, respectively.