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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2015
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,

   2015     2014  

Basic Earnings per Share:

    

Net income attributable to Watsco, Inc. shareholders

   $ 23,048      $ 16,753   

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

     1,868        1,242   
 

 

 

    

 

 

  

Earnings allocated to Watsco, Inc. shareholders

 $ 21,180    $ 15,511   
 

 

 

    

 

 

  

Weighted-average common shares outstanding – Basic

   32,377,159      32,249,988   

Basic earnings per share for Common and Class B common stock

 $ 0.65    $ 0.48   

Allocation of earnings for Basic:

Common stock

 $ 19,409    $ 14,211   

Class B common stock

   1,771      1,300   
 

 

 

    

 

 

  
$ 21,180    $ 15,511   
 

 

 

    

 

 

  

Diluted Earnings per Share:

Net income attributable to Watsco, Inc. shareholders

 $ 23,048    $ 16,753   

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

   1,868      1,242   
 

 

 

    

 

 

  

Earnings allocated to Watsco, Inc. shareholders

 $ 21,180    $ 15,511   
 

 

 

    

 

 

  

Weighted-average common shares outstanding – Basic

   32,377,159      32,249,988   

Effect of dilutive stock options

   53,918      55,457   
 

 

 

    

 

 

  

Weighted-average common shares outstanding – Diluted

   32,431,077      32,305,445   
 

 

 

    

 

 

  

Diluted earnings per share for Common and Class B common stock

 $ 0.65    $ 0.48   

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, 2015 and 2014, our outstanding Class B common stock was convertible into 2,707,625 and 2,702,815 shares of our Common stock, respectively.

Diluted earnings per share excluded 13,767 and 500 shares for the quarters ended March 31, 2015 and 2014, respectively, 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.