Earnings Per Share

3 Months Ended

Mar. 31, 2014

6. Earnings Per Share

Basic earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, including outstanding unvested equity awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, adjusted for any dilutive effects. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 follows:

	Three Months Ended
	March 31,
	2014	2013
Weighted average number of common shares outstanding	90,437,732	90,420,509
Effect of non-participatory equity compensation	36,000	36,000
Weighted average number of common shares outstanding, including effect of dilutive securities	90,473,732	90,456,509

- Definition

The entire disclosure for earnings per share.

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