v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30,

 

Six Months Ended June 30,

 

(in thousands, except per share amounts)

 

2013

 

2012

 

2013

 

2012

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income – numerator for basic net earnings per share

 

$
9,343 

 

$
8,324 

 

$
15,226 

 

$
14,512 

 

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

 

$
9,343 

 

$
8,324 

 

$
15,226 

 

$
14,512 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – denominator for basic net
  earnings per share 

 

 
96,248 

 

 
77,669 

 

 
94,047 

 

 
76,572 

 

Add: Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and other equity compensation 

 

 

—

 

 
1,261 

 

 

—

 

 
1,276 

 

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

 

 

—

 

 

—

 

 

—

 

 

—

 

Denominator for diluted earnings per share 

 

 
96,248 

 

 
78,930 

 

 
94,047 

 

 
77,848 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.10 

 

$
0.11 

 

$
0.16 

 

$
0.19 

 

Diluted

 

$
0.10 

 

$
0.11 

 

$
0.16 

 

$
0.19 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$
511 

 

$
2,654 

 

$
1,508 

 

$
5,262 

 

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

 

 
1,925 

 

 
7,084 

 

 
2,852 

 

 
3,522 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 June 30, 2013, average common shares for basic and diluted earnings per share were each 96,248, and basic and diluted earnings per share were each $0.10. For the quarter ended June 30, 2012, average common shares for basic and diluted earnings per share were 77,669 and 78,930, respectively, and basic and diluted earnings per share were each $0.11.

 

For the six months ended June 30, 2013, average common shares for basic and diluted earnings per share were each 94,047, and basic and diluted earnings per share were each $0.16. For the six months ended June 30, 2012, average common shares for basic and diluted earnings per share were 76,572 and 77,848, respectively, and basic and diluted earnings per share were  both $0.19.