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Earnings Per Share
 9 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share

18. Earnings Per Share

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:

 

      September 30,       September 30,       September 30,       September 30,  
    Three Months Ended     Nine Months Ended  
    December 31,     December 31,  
    2011     2010     2011     2010  
         

Net income attributable to Cavco common stockholders

   $ 1,677     $ 24     $ 13,584     $ 1,222  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding:

                                

Basic

     6,890,517       6,651,928       6,873,078       6,578,732  

Common stock equivalents—treasury stock method

     61,441       189,874       62,976       281,653  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

     6,951,958       6,841,802       6,936,054       6,860,385  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Net income per share attributable to Cavco common stockholders:

                                

Basic

   $ 0.24     $ 0.00     $ 1.98     $ 0.19  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ 0.24     $ 0.00     $ 1.96     $ 0.18  
   

 

 

    

 

 

    

 

 

    

 

 

  

Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended December 31, 2011 and 2010 were 20,427 and 9,036, respectively. There were 5,742 and 1,368 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the nine months ended December 31, 2011 and 2010, respectively.