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Earnings Per Share
 12 Months Ended
Sep. 30, 2016
Earnings Per Share  
Earnings Per Share

11. Earnings Per Share

The following table sets forth the computations of basic and diluted EPS for the years indicated, reflecting the amounts attributable to Headwaters and excluding the amounts attributable to the non-controlling interest in Entegra. In accordance with ASC 260, income from continuing operations for each period is used as the control number in determining whether potentially dilutive common shares should be included in the diluted earnings per share computations for those periods, even when the effect of doing so is anti‑dilutive to the other per‑share amounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per-share amounts)

    

2014

    

2015

    

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
16,473

 

$
132,128

 

$
49,679

 

Income from continuing operations attributable to non-controlling interest

 

 
(774)

 

 
(869)

 

 
(1,667)

 

Adjustment of estimated redemption value of non-controlling interest

 

 
(176)

 

 

 —

 

 

 —

 

Numerator for basic and diluted earnings per share from continuing operations — income from continuing operations attributable to Headwaters Incorporated

 

 
15,523

 

 
131,259

 

 
48,012

 

Numerator for basic and diluted earnings per share from discontinued operations — income (loss) from discontinued operations, net of income taxes

 

 
(415)

 

 
(460)

 

 
84

 

Numerator for basic and diluted earnings per share — net income attributable to Headwaters Incorporated

 

$
15,108

 

$
130,799

 

$
48,096

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share — weighted-average shares outstanding

 

 
73,160

 

 
73,570

 

 
73,842

 

Effect of dilutive securities — shares issuable upon exercise of options and SARs and vesting of restricted stock

 

 
1,291

 

 
2,032

 

 
1,573

 

Denominator for diluted earnings per share — weighted-average shares outstanding after assumed exercises and vesting

 

 
74,451

 

 
75,602

 

 
75,415

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share attributable to Headwaters Incorporated:

 

 

 

 

 

 

 

 

 

 

From continuing operations

 

$
0.21

 

$
1.79

 

$
0.65

 

From discontinued operations

 

 
(0.01)

 

 
(0.01)

 

 

 —

 

 

 

$
0.20

 

$
1.78

 

$
0.65

 

Diluted income per share attributable to Headwaters Incorporated:

 

 

 

 

 

 

 

 

 

 

From continuing operations

 

$
0.21

 

$
1.74

 

$
0.64

 

From discontinued operations

 

 
(0.01)

 

 
(0.01)

 

 

 —

 

 

 

$
0.20

 

$
1.73

 

$
0.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive securities not considered in diluted EPS calculation:

 

 

 

 

 

 

 

 

 

 

Stock-settled SARs

 

 
2,279

 

 
1,258

 

 
273

 

Stock options

 

 
446

 

 
89

 

 
18

 

Restricted stock

 

 
126

 

 
66

 

 

 —