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Note 14 - Earnings Per Share

6 Months Ended

Jun. 30, 2019

14. Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to the common stockholders of the Company by the weighted average number of common shares outstanding during the period, exclusive of restricted shares. Except where the result would be anti-dilutive, diluted earnings per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options. Refer to Note 3, “Redeemable Noncontrolling Interest” for further information regarding the accounting for redeemable noncontrolling interests.

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019		2018
Numerator
Net income attributable to Generac Holdings Inc.	$	61,958		$	53,261		$	106,819	$	86,906
Redeemable noncontrolling interest redemption value adjustment		(756	)		(2,305	)		1,676		(9,970	)
Net income attributable to common shareholders	$	61,202		$	50,956		$	108,495	$	76,936

Denominator
Weighted average shares, basic		61,921,711			61,534,423			61,841,823		61,696,014
Dilutive effect of stock compensation awards (1)		484,152			520,024			507,207		563,698
Diluted shares		62,405,863			62,054,447			62,349,030		62,259,712

Net income attributable to common shareholders per share
Basic	$	0.99		$	0.83		$	1.75	$	1.25
Diluted	$	0.98		$	0.82		$	1.74	$	1.24

(1) Excludes approximately 41,000 and 142,600 stock options for the three months ended June 30, 2019 and 2018, respectively, as the impact of such awards was anti-dilutive. Excludes approximately 76,000 and 81,800 stock options for the six months ended June 30, 2019 and 2018, respectively, as the impact of such awards was anti-dilutive.