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Earnings Per Share
 6 Months Ended
Jun. 30, 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
June 30,

 

Six Months Ended
June 30,

 

 

2012

 

 

2011

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except share and per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Reliance

 

$

108.8

 

 

$

98.7

 

 

$

225.0

 

 

$

191.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares

 

75,087,057

 

 

74,773,715

 

 

75,004,840

 

 

74,697,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock

 

424,192

 

 

377,083

 

 

464,129

 

 

390,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares and assumed conversions

 

75,511,249

 

 

75,150,798

 

 

75,468,969

 

 

75,087,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to Reliance shareholders – diluted

 

$

1.44

 

 

$

1.31

 

 

$

2.98

 

 

$

2.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to Reliance shareholders – basic

 

$

1.45

 

 

$

1.32

 

 

$

3.00

 

 

$

2.56

 

 

The computations of earnings per share for the three months ended June 30, 2012 and 2011 do not include 2,462,550 and 3,084,925 shares reserved for issuance upon exercise of stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive.

 

The computations of earnings per share for the six months ended June 30, 2012 and 2011 do not include 2,468,973 and 3,091,513 shares reserved for issuance upon exercise of stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive.