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EARNINGS PER SHARE
 9 Months Ended
Sep. 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
September 30,		      Nine Months Ended
September 30,		  
     2014      2013      2014      2013  

Basic Earnings per Share:

            

Net income attributable to Watsco, Inc. shareholders

    $ 54,461       $ 45,699       $ 127,315       $ 110,402   

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

      4,106         3,251         9,644         7,813   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 50,355       $ 42,448       $ 117,671       $ 102,589   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average common shares outstanding—Basic

      32,330,888         32,206,448         32,292,559         32,182,430   

Basic earnings per share for Common and Class B common stock

    $ 1.56       $ 1.32       $ 3.64       $ 3.19   

Allocation of earnings for Basic:

            

Common stock

    $ 46,138       $ 38,880       $ 107,804       $ 93,960   

Class B common stock

      4,217         3,568         9,867         8,629   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 50,355       $ 42,448       $ 117,671       $ 102,589   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted Earnings per Share:

            

Net income attributable to Watsco, Inc. shareholders

    $ 54,461       $ 45,699       $ 127,315       $ 110,402   

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

      4,103         3,246         9,635         7,801   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 50,358       $ 42,453       $ 117,680       $ 102,601   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average common shares outstanding—Basic

      32,330,888         32,206,448         32,292,559         32,182,430   

Effect of dilutive stock options

      45,051         69,665         52,509         63,936   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average common shares outstanding—Diluted

      32,375,939         32,276,113         32,345,068         32,246,366   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share for Common and Class B common stock

    $ 1.56       $ 1.32       $ 3.64       $ 3.18   

Anti-dilutive stock options not included in above

      28,565         620         7,788         4,963   

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. As of September 30, 2014 and 2013, our outstanding Class B common stock was convertible into 2,707,725 and 2,706,860 shares of our Common stock, respectively.