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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share 
Earnings Per Share

10.  Earnings Per Share

 

Basic earnings per share exclude any dilutive effects of options, restricted stock, warrants and convertible securities. Diluted earnings per share are calculated including the dilutive effects of options, restricted stock, warrants and convertible securities, if any.

 

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

(in millions, except share and per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income attributable to Reliance

 

$

84.9

 

$

48.7

 

$

275.9

 

$

154.9

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

 

Weighted average shares

 

74,826,968

 

74,292,161

 

74,740,921

 

74,126,497

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Stock options and restricted stock

 

136,159

 

108,198

 

305,768

 

242,579

 

Denominator for diluted earnings per share:

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares and assumed conversions

 

74,963,127

 

74,400,359

 

75,046,689

 

74,369,076

 

Net income per share attributable to Reliance shareholders — diluted

 

$

1.13

 

$

0.65

 

$

3.68

 

$

2.08

 

Net income per share attributable to Reliance shareholders — basic

 

$

1.13

 

$

0.65

 

$

3.69

 

$

2.09

 

 

The computations of earnings per share for the three months ended September 30, 2011 and 2010 do not include 3,859,485 and 3,954,200 shares reserved for issuance upon exercise of stock options, respectively, because their inclusion would have been anti-dilutive.

 

The computations of earnings per share for the nine months ended September 30, 2011 and 2010 do not include 3,347,503 and 2,759,308 shares reserved for issuance upon exercise of stock options, respectively, because their inclusion would have been anti-dilutive.