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Earnings Per Share | 12 Months Ended
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Dec. 31, 2011
Earnings Per Share |
Earnings Per Share |
Note 22—Earnings Per Share The table below presents the computation of basic and diluted earnings per share for the years ended December 31, 2011, 2010 and 2009:
|  | 2011 |  | 2010 |  | 2009 |
Numerator: |  |  |  |  |  |  |
Income from continuing operations |  | $ | 58,559 |  | $ | 33,616 |  | $ | 29,761 |
Net income |  | $ | 58,559 |  | $ | 33,616 |  | $ | 25,912 |
Denominator (shares in thousands): |  |  |  |  |  |  |
Weighted average shares for computation of basic earnings per share |  | 50,707 |  | 42,694 |  | 31,937 |
Dilutive effect of warrants and units (1) |  | 51 |  | 908 |  | 961 |
Dilutive effect of contingently issuable shares (2) |  | 386 |  | 989 |  | 1,225 |
Dilutive effect of shares issued to independent directors |  | 9 |  | — |  | — |
Dilutive effect of JCG convertible preferred shares (3) |  | — |  | 2,287 |  | 295 |
Weighted average shares for computation of diluted earnings per share |  | 51,153 |  | 46,878 |  | 34,418 |
Basic: |  |  |  |  |  |  |
Income from continuing operations per share |  | $ | 1.15 |  | $ | 0.79 |  | $ | 0.93 |
Earnings per share |  | $ | 1.15 |  | $ | 0.79 |  | $ | 0.81 |
Diluted: |  |  |  |  |  |  |
Income from continuing operations per share |  | $ | 1.14 |  | $ | 0.72 |  | $ | 0.86 |
Earnings per share |  | $ | 1.14 |  | $ | 0.72 |  | $ | 0.75 |
(1) Represents the dilutive effect of common stock warrants available under the Unit Purchase Option (“UPO”). See Note 23 — “Stockholders’ Equity”. (2) Represents the dilutive effect of the following contingency arrangements which were met at the end of each year, but for which shares of common stock were not issued until the following year: a) A total of 5,000,000 shares of the Company’s common stock issued when certain financial targets were met in 2008 and 2009 under the merger agreement between Rhapsody and Former Primoris. On March 27, 2009, a total of 2,500,025 shares were issued and an additional 2,499,975 shares were issued on March 25, 2010. b) The effect of 74,906 shares of common stock that were issued in March 2010 for attainment of certain financial targets per the merger agreement between Cravens and the Company. The seller and the Company entered into an agreement during 2010 terminating all future earnout contingencies. c) A total of 1,095,646 shares were issued to JCG’s sellers in March 2011 as a result of JCG meeting its defined performance target per the merger agreement between JCG and the Company. d) A total of 494,095 shares were issued to Rockford’s former stockholders in March 2011 as a result of Rockford meeting a defined performance target in 2010. e) The Rockford purchase agreement provided for additional performance targets for 2011 and 2012. The Company determined that the 2011 target was met as of September 30, 2011, which provided for a cash payment and a stock payout. The stock component of the earnout was based on the Company’s average closing stock price (as defined in the purchase agreement) during December 31, 2011 of $14.83 per share and is anticipated to result in 232,637 shares issued in March 2012. The 2012 contingent earnout will be paid in cash if the target is met. (3) Represents the dilutive effect of the conversion of preferred stock into 8,185,278 shares of common stock. The conversion was approved at a special meeting of the stockholders held on April 12, 2010.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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