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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Common Share  
Earnings Per Common Share

Note 3 - Earnings Per Common Share

 

For the three and six months ended June 30, 2012 and 2011, basic earnings per share was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock, during the applicable period as the restricted stock is entitled to receive dividends and is therefore considered a participating security.  Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of unvested restricted stock.  The restricted stock units awarded under the Pay-for-Performance program described in Note 11 are excluded from the basic earnings per share calculation, as these units are not participating securities.

 

Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.  For the three and six months ended June 30, 2012 and 2011, the diluted weighted average number of common shares also includes 100,000 shares of common stock underlying the restricted stock units awarded on September 14, 2010 under the Pay-For-Performance Program.  These 100,000 shares may vest upon satisfaction of the total stockholder return threshold based on the number of shares that would be issued based on the current market price and dividends paid at the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period.  The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance Program are not included, as they did not meet the defined performance metric during the three and six months ended June 30, 2012 and 2011.

 

There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock during the three and six months ended June 30, 2012 and 2011.

 

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (dollars in thousands, except per share calculations):

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Numerator for basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,496

 

$

4,084

 

$

6,689

 

$

6,614

 

Less net income attributable to noncontrolling interests

 

(4

)

—

 

(7

)

—

 

Less earnings allocated to unvested shares

 

—

 

—

 

(270

)

(230

)

Income from continuing operations available for common stockholders

 

3,492

 

4,084

 

6,412

 

6,384

 

Discontinued operations

 

2,258

 

1,058

 

2,290

 

1,260

 

Net income available for common stockholders, basic and diluted

 

$

5,750

 

$

5,142

 

$

8,702

 

$

7,644

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share

 

 

 

 

 

 

 

 

 

- weighted average common shares

 

14,378

 

14,078

 

14,333

 

13,419

 

- weighted average unvested restricted stock shares (a)

 

409

 

348

 

—

 

—

 

 

 

14,787

 

14,426

 

14,333

 

13,419

 

Effect of diluted securities

 

 

 

 

 

 

 

 

 

- restricted stock units awarded under Pay-for-Performance program

 

100

 

100

 

100

 

50

 

Denominator for diluted earnings per share

 

 

 

 

 

 

 

 

 

- weighted average shares

 

14,887

 

14,526

 

14,433

 

13,469

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

.39

 

$

.36

 

$

.61

 

$

.57

 

Earnings per common share, diluted

 

$

.39

 

$

.35

 

$

.60

 

$

.57

 

 

 

 

 

 

 

 

 

 

 

Amounts attributable to One Liberty Properties, Inc. common stockholders, net of noncontrolling interests:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,492

 

$

4,084

 

$

6,682

 

$

6,614

 

Income from discontinued operations

 

2,258

 

1,058

 

2,290

 

1,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5,750

 

$

5,142

 

$

8,972

 

$

7,874

 

 

(a)          The three months ended June 30, 2012 and 2011 include unvested restricted stock since the earnings are in excess of the distributions for such periods.