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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2011
EARNINGS PER SHARE |
EARNINGS PER SHARE |
7 - EARNINGS PER 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 21 — 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 936,787 nonvested shares outstanding at December 31, 2011 (refer to Note 21 — Nonvested Stock Awards), 440,000 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:
|  | Years Ended December 31, |
|  | 2011 |  | 2010 |  | 2009 |
Common shares outstanding, basic: |  |  |  |  |  |  |
Weighted average common shares outstanding, basic |  | 35,179,244 |  | 32,987,449 |  | 31,295,212 |
Common shares outstanding, diluted: |  |  |  |  |  |  |
Weighted average common shares outstanding, basic |  | 35,179,244 |  | 32,987,449 |  | 31,295,212 |
Dilutive effect of convertible notes |  | — |  | 2,760,693 |  | — |
Dilutive effect of restricted stock awards |  | 78,961 |  | 143,231 |  | 149,851 |
Weighted average common shares outstanding, diluted |  | 35,258,205 |  | 35,891,373 |  | 31,445,063 |
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:
|  | Years Ended December 31, |
|  | 2011 |  | 2010 |  | 2009 |
Net income attributable to GS&T |  | $ | 25,386 |  | $ | 141,243 |  | $ | 148,624 |
Interest expense related to convertible notes, if dilutive |  | — |  | 4,657 |  | — |
Net income attributable to GS&T for the computation of diluted earnings per share |  | $ | 25,386 |  | $ | 145,900 |  | $ | 148,624 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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