v2.4.0.6
Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

(11)  Earnings Per Share

 

The Company presents basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income  available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is calculated by dividing net income by the weighted average number of common and common equivalent shares outstanding during the applicable period.

 

The following table reconciles basic weighted average outstanding shares to diluted weighted average outstanding shares at March 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31,

 

(in thousands, except per share amounts)

 

2013

 

2012

 

Numerator:

 

 

 

 

 

 

 

Net income – numerator for basic net earnings per share

 

$
5,883 

 

$
6,188 

 

Add: Effect of dilutive securities

 

 

 

 

 

 

 

Interest expense on 5.50% convertible notes (after-tax)(1)

 

 

—

 

 

—

 

Stock options and other equity compensation

 

 

—

 

 

—

 

Numerator for diluted earnings per share

 

$
5,883 

 

$
6,188 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Weighted average shares – denominator for basic net
earnings per share 

 

 
91,822 

 

 
76,317 

 

Add: Effect of dilutive securities

 

 

 

 

 

 

 

Stock options and other equity compensation 

 

 

—

 

 
1,272 

 

5.50% convertible notes (after-tax)(1)

 

 

—

 

 

—

 

Denominator for diluted earnings per share 

 

 
91,822 

 

 
77,589 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Basic

 

$
0.06 

 

$
0.08 

 

Diluted

 

$
0.06 

 

$
0.08 

 

 

 

 

 

 

 

 

 

Interest expense excluded from diluted earnings per share calculation (1)

 

$
977 

 

 

—

 

5.50% Convertible notes shares excluded from diluted earnings per share calculation (1)    

 

 
3,379 

 

 

—

 

_________

 

 

 

 

 

 

 

(1)       Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive.

 

 

For the quarter ended March 31, 2013, average common shares for basic and diluted earnings per share were each 91,822, and basic and diluted earnings per share were each $0.06. For the quarter ended March 31, 2012, average common shares for basic and diluted earnings per share were 76,317 and 77,589 respectively, and basic and diluted earnings per share were each $0.08.