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EARNINGS PER SHARE
 12 Months Ended
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