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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

3. Earnings Per Share

The Company considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, as participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock and unvested restricted stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method.

 

The following table presents computations of basic and diluted earnings per share under the two-class method:

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  

Numerator:

                                

Net income attributable to Cinemark Holdings, Inc.

   $ 51,638     $ 40,411     $ 93,742     $ 65,374  

Earnings allocated to participating share-based awards (1)

     (698 )      (480 )      (1,084 )      (667 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to common stockholders

   $ 50,940     $ 39,931     $ 92,658     $ 64,707  
   

 

 

    

 

 

    

 

 

    

 

 

  

Denominator (shares in thousands):

                                

Basic weighted average common stock outstanding

     113,301       112,764       113,063       112,654  

Common equivalent shares for stock options

     39       41       38       46  

Common equivalent shares for restricted stock units

     397       404       467       380  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

     113,737       113,209       113,568       113,080  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per share attributable to common stockholders

   $ 0.45     $ 0.35     $ 0.82     $ 0.57  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per share attributable to common stockholders

   $ 0.45     $ 0.35     $ 0.82     $ 0.57  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

For the three months ended June 30, 2012 and 2011, a weighted average of approximately 1,558 and 1,357 shares of unvested restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2012 and 2011, a weighted average of approximately 1,328 and 1,162 shares of unvested restricted stock, respectively, were considered participating securities.