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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 13 – EARNINGS PER SHARE

Basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if securities to issue Common Stock were exercised.

 

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for net income for the periods presented (in thousands, except per share data):

 

     Year Ended December 31,  
     2013     2012     2011  

Numerator for EPS:

       

Net income

    $ 58,977      $ 30,312      $ 20,109   

Less: Preferred stock dividends

      (29 )      (287 )      (20 ) 
  

 

 

    

 

 

    

 

 

  

Income available to common stockholders

    $ 58,948      $ 30,025      $ 20,089   
  

 

 

    

 

 

    

 

 

  

Denominator for EPS:

       

Weighted average common shares outstanding

      35,866        39,614        39,184   

Plus: Assumed conversion of stock-based compensation (1)

      1,531        513        770   

Assumed conversion of preferred stock

      379        489        488   
  

 

 

    

 

 

    

 

 

  

Weighted average diluted common shares outstanding

      37,776        40,616        40,442   
  

 

 

    

 

 

    

 

 

  

Basic earnings per common share

    $ 1.64      $ 0.76      $ 0.51   

Diluted earnings per common share

    $ 1.56      $ 0.75      $ 0.50   

Weighted average number of antidilutive shares

      518        818        2,553   

 

(1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.

The Company purchased 7.257 million shares of UIH’s common stock during the twelve months ended December 31, 2013, which decreased weighted average common shares outstanding and weighted average diluted common shares outstanding for these periods. The effect was to increase diluted earnings per common share by $0.17 for the twelve month period ended December 31, 2013. There were no repurchases of UIH’s common stock during 2012 and 2011. See “—Note 8 (Stockholders’ Equity)” for details on the repurchases of UIH’s common stock.