Earnings Per Share

9 Months Ended

Sep. 30, 2015

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 and nine months ended September 30, 2015 and 2014 follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Weighted average number of common shares outstanding	90,071,272	90,286,098	90,192,644	90,371,363
Effect of non-participatory equity compensation	36,000	36,000	36,000	36,000

Weighted average number of common shares outstanding, including effect of dilutive securities	90,107,272	90,322,098	90,228,644	90,407,363