Earnings Per Share

Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s nonvested restricted stock is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.



(in thousands, except per common share data)	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per common share data)	2014		2013		2014		2013
Net income attributable to The Andersons, Inc.	$	16,825	$	17,161	$	83,834	$	59,278
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	93		56		443		210
Earnings available to common shareholders	$	16,732	$	17,105	$	83,391	$	59,068
Earnings per share – basic:
Weighted average shares outstanding – basic	28,260		28,009		28,222		27,972
Earnings per common share – basic	$	0.59	$	0.61	$	2.95	$	2.11
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,260		28,009		28,222		27,972
Effect of dilutive awards	40		225		46		188
Weighted average shares outstanding – diluted	28,300		28,234		28,268		28,160
Earnings per common share – diluted	$	0.59	$	0.61	$	2.95	$	2.10

There were no antidilutive stock-based awards outstanding at September 30, 2014 or 2013.