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EARNINGS PER COMMON SHARE
9 Months Ended
Sep. 30, 2011
EARNINGS PER COMMON SHARE 
EARNINGS PER COMMON SHARE

7 - EARNINGS PER COMMON SHARE

 

The computation of basic earnings per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the vesting of nonvested stock awards (refer to Note 18 — Nonvested Stock Awards), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.  Of the 807,987 nonvested shares outstanding at September 30, 2011 (refer to Note 18 — Nonvested Stock Awards), 649,738 shares are anti-dilutive.  The Company’s diluted earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive under the “if converted” method. The impact of the shares convertible under the Company’s convertible notes is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

 

The components of the denominator for the calculation of basic earnings per share and diluted earnings per share are as follows:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, basic:

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

35,157,110

 

33,998,923

 

35,149,912

 

32,279,671

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, diluted:

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

35,157,110

 

33,998,923

 

35,149,912

 

32,279,671

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of convertible notes

 

—

 

4,575,200

 

—

 

1,541,826

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of restricted stock awards

 

55,730

 

144,763

 

62,129

 

143,838

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, diluted

 

35,212,840

 

38,718,886

 

35,212,041

 

33,965,335

 

 

The following table sets forth a reconciliation of the net income attributable to GS&T and the net income attributable to GS&T for diluted earnings per share under the “if-converted” method:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to GS&T

 

$

1,562

 

$

36,227

 

$

25,080

 

$

106,435

 

 

 

 

 

 

 

 

 

 

 

Interest expense related to convertible notes, if dilutive

 

—

 

1,945

 

—

 

1,945

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to GS&T for the computation of diluted earnings per share

 

$

1,562

 

$

38,172

 

$

25,080

 

$

108,380