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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
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
March 31,

 

 

 

2012

 

2011

 

 

 

(in millions except for share
and per share amounts)

 

Numerator:

 

 

 

 

 

Net income attributable to Reliance

 

$

116.2

 

$

92.3

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Denominator for basic earnings per share — Weighted average shares

 

74,922,487

 

74,619,804

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and restricted stock

 

504,065

 

404,062

 

 

 

 

 

 

 

Denominator for dilutive earnings per share:

 

 

 

 

 

Adjusted weighted average shares and assumed conversions

 

75,426,552

 

75,023,866

 

 

 

 

 

 

 

Net income per share attributable to Reliance shareholders — diluted

 

$

1.54

 

$

1.23

 

 

 

 

 

 

 

Net income per share attributable to Reliance shareholders — basic

 

$

1.55

 

$

1.24

 

 

The computations of earnings per share for the three months ended March 31, 2012 and 2011 do not include 2,475,395 and 3,098,100 shares reserved for issuance upon exercise of stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive.