v2.3.0.15
Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share
13. Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period. All share counts and corresponding per share market prices for 2010 have been adjusted to reflect the one-for-two stock exchange of Global Indemnity plc shares for United America Indemnity, Ltd. shares as part of the re-domestication to Ireland. See Note 3 above for more information regarding the re-domestication.

The following table sets forth the computation of basic and diluted earnings per share.

 

(Dollars in thousands, except per share data)    Quarters Ended
September  30,		      Nine Months  Ended
September 30,		  
   2011     2010      2011     2010  

Net income (loss)

    $ (34,247 )    $ 19,762       $ (16,021 )    $ 63,175   
  

 

 

    

 

 

     

 

 

    

 

 

  

Basic earnings per share:

          

Weighted average shares outstanding - basic

      30,338,010        30,273,757         30,320,538        30,222,074   
  

 

 

    

 

 

     

 

 

    

 

 

  

Net income (loss) per share

    $ (1.13 )    $ 0.65       $ (0.53 )    $ 2.09   
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted earnings per share:

          

Weighted average shares outstanding - diluted

      30,352,850        30,308,489         30,341,713        30,245,890   
  

 

 

    

 

 

     

 

 

    

 

 

  

Net income (loss) per share

    $ (1.13 )    $ 0.65       $ (0.53 )    $ 2.09   
  

 

 

    

 

 

     

 

 

    

 

 

  

 

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:

 

     Quarters Ended
September 30,		      Nine Months Ended
September 30,		  
     2011      2010      2011      2010  

Weighted average shares for basic earnings per share

      30,338,010         30,273,757         30,320,538         30,222,074   

Non-vested restricted stock

      14,824         34,732         12,399         23,816   

Options

      16         —           8,776         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares for diluted earnings per share

      30,352,850         30,308,489         30,341,713         30,245,890   
  

 

 

     

 

 

     

 

 

     

 

 

  

The weighted average shares outstanding used to determine dilutive earnings per share for the quarters ended September 30, 2011 and 2010 do not include 465,775 and 341,809 shares, respectively, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share for the nine months ended September 30, 2011 and 2010 do not include 450,232 and 352,309 shares, respectively, which were deemed to be anti-dilutive.