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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share  
Earnings Per Share

Note 15. 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:

 
   Year Ended December 31,  
 
   2011   2010   2009  
 
   (in millions, except share and per share amounts)
  

Numerator:

                    

Net income attributable to Reliance

   $ 343.8   $ 194.4   $ 148.2  
               

Denominator:

                    

Denominator for basic earnings per share—Weighted average shares

     74,767,988     74,230,452     73,445,583  
               

Effect of dilutive securities:

                    

Stock options

     273,765     241,928     256,396  
               

Denominator for dilutive earnings per share:

                    

Adjusted weighted average shares and assumed conversions

     75,041,753     74,472,380     73,701,979  
               

Net income per share attributable to Reliance shareholders—diluted

   $ 4.58   $ 2.61   $ 2.01  
               

Net income per share attributable to Reliance shareholders—basic

   $ 4.60   $ 2.62   $ 2.02  
               

        The computations of earnings per share for the years ended December 31, 2011, 2010 and 2009 do not include approximately 3,430,843, 2,600,699 and 3,109,197 shares reserved for issuance upon exercise of stock options, respectively, because their inclusion would have been anti-dilutive.