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EARNINGS PER SHARE | 12 Months Ended
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Dec. 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:
Years Ended December 31, |  | 2014 |  |  | 2013 |  |  | 2012 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 151,387 |  |  | $ | 127,723 |  |  | $ | 103,334 |
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock |  |  | 11,444 |  |  |  | 9,064 |  |  |  | 17,656 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 139,943 |  |  | $ | 118,659 |  |  | $ | 85,678 |
Weighted-average common shares outstanding - Basic |  |  | 32,308,073 |  |  |  | 32,195,598 |  |  |  | 31,680,187 |
Basic earnings per share for Common and Class B common stock |  | $ | 4.33 |  |  | $ | 3.69 |  |  | $ | 2.70 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 128,214 |  |  | $ | 108,690 |  |  | $ | 78,359 |
Class B common stock |  |  | 11,729 |  |  |  | 9,969 |  |  |  | 7,319 |
|  | $ | 139,943 |  |  | $ | 118,659 |  |  | $ | 85,678 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 151,387 |  |  | $ | 127,723 |  |  | $ | 103,334 |
Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock |  |  | 11,435 |  |  |  | 9,053 |  |  |  | 17,656 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 139,952 |  |  | $ | 118,670 |  |  | $ | 85,678 |
Weighted-average common shares outstanding - Basic |  |  | 32,308,073 |  |  |  | 32,195,598 |  |  |  | 31,680,187 |
Effect of dilutive stock options |  |  | 50,781 |  |  |  | 62,470 |  |  |  | 64,212 |
Weighted-average common shares outstanding - Diluted |  |  | 32,358,854 |  |  |  | 32,258,068 |  |  |  | 31,744,399 |
Diluted earnings per share for Common and Class B common stock |  | $ | 4.32 |  |  | $ | 3.68 |  |  | $ | 2.70 |
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 December 31, 2014, 2013 and 2012, our outstanding Class B common stock was convertible into 2,707,725, 2,704,832 and 2,706,338 shares of our Common stock, respectively. Diluted earnings per share excluded 9,984, 1,066 and 17,492 shares for the years ended December 31, 2014, 2013 and 2012, respectively, related to stock options with an exercise price per share greater than the average market value, resulting in an anti-dilutive effect on diluted earnings per share.

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