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Earnings Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share

2. EARNINGS PER SHARE

The computations of basic and diluted earnings per share for the Company are as follows (in thousands, except per share data):

 

 

Three Months Ended

 

 

March 31,

 

 

2014

 

 

2013

 

Earnings attributable to common shareholders:

 

 

 

 

 

 

 

From continuing operations

$

4,228

 

 

$

3,851

 

From discontinued operations

 

-

 

 

 

(130

)

 

 

4,228

 

 

 

3,721

 

Revaluation of redeemable non-controlling interests, net of tax

 

(967

)

 

 

-

 

 

$

3,261

 

 

$

3,721

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to common shareholders:

 

 

 

 

 

 

 

From continuing operations

$

0.35

 

 

$

0.32

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to common shareholders:

 

 

 

 

 

 

 

From continuing operations

$

0.35

 

 

$

0.32

 

From discontinued operations

 

-

 

 

 

(0.01

)

 

$

0.35

 

 

$

0.31

 

Charges to additional-paid-in-capital  - revaluation of redeemable non-controlling interests, net of tax

 

(0.08

)

 

 

-

 

 

$

0.27

 

 

$

0.31

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to common shareholders:

 

 

 

 

 

 

 

From continuing operations

$

0.35

 

 

$

0.32

 

From discontinued operations

 

-

 

 

 

(0.01

)

 

$

0.35

 

 

$

0.31

 

Charges to additional-paid-in-capital - revaluation of redeemable non-controlling interests, net of tax

 

(0.08

)

 

 

-

 

 

$

0.27

 

 

$

0.31

 

 

 

 

 

 

 

 

 

Shares used in computation:

 

 

 

 

 

 

 

Basic earnings per share - weighted-average shares

 

12,129

 

 

 

11,955

 

Effect of dilutive securities - stock options

 

15

 

 

 

24

 

Denominator for diluted earnings per share - adjusted weighted-average

   shares

 

12,144

 

 

 

11,979

 

All options to purchase shares were included in the diluted earnings per share calculation for the three months ended March 31, 2014 and 2013 as the average market prices of the common stock was above the exercise prices. The Company’s restricted stock issued is included in basic and diluted shares for the earnings per share computation from the date of grant.

 

The charges to additional paid-in capital – revaluation of redeemable non-controlling interests, net of tax represent the increase in the fair value of the redeemable non-controlling interest that were deemed probable that the owners would assert the redemption rights. See Note 1 – Basis of Presentation and Significant Accounting Policies – Non-controlling Interests.