XML 65 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
The following table sets forth the computation of the basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2015 (in thousands, except per share data):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended
September 30,
 
2014
 
2015
 
2014
 
2015
Numerator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Numerator from continuing operations
 
 
 
 
 
 
 
Income from continuing operations
$
4,565

 
$
4,444

 
$
10,080

 
$
15,419

Less: Earnings allocated to unvested restricted stock
(84
)
 
(51
)
 
(198
)
 
(194
)
Income attributable to continuing operations
$
4,481

 
$
4,393

 
$
9,882

 
$
15,225

 
 
 
 
 
 
 
 
Numerator from discontinued operations
 
 
 
 
 
 
 
Income from discontinued operations
$
431

 
$
—

 
$
381

 
$
—

Less: Earnings allocated to unvested restricted stock
(8
)
 
—

 
(8
)
 
—

Income attributable to discontinued operations
$
423

 
$
—

 
$
373

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per common share - weighted average shares outstanding
18,150

 
17,874

 
18,086

 
18,115

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options
126

 
209

 
137

 
240

Convertible subordinated notes
—

 
—

 
—

 
233

Denominator for diluted earnings per common share - weighted average shares outstanding
18,276

 
18,083

 
18,223

 
18,588

 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
Continuing operations
$
0.25

 
$
0.24

 
$
0.55

 
$
0.84

Discontinued operations
0.02

 
—

 
0.02

 
—

Basic earnings per common share
$
0.27

 
$
0.24

 
$
0.57

 
$
0.84

 
 
 
 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
 
 
 
Continuing operations
$
0.24

 
$
0.24

 
$
0.54

 
$
0.82

Discontinued operations
0.02

 
—

 
0.02

 
—

Diluted earnings per common share
$
0.26

 
$
0.24

 
$
0.56

 
$
0.82


The fully diluted weighted average shares outstanding for the nine months ended September 30, 2015, and the corresponding calculation of fully diluted earnings per share, include approximately 233,000 shares that would have been issued upon the conversion of our convertible subordinated notes as a result of the application of the if-converted method prescribed by the FASB ASC 260. There were no shares for the three months ended September 30, 2015 and the three and nine months ended September 30, 2014 that would have been issued upon conversion under the if-converted method.
For the three and nine months ended September 30, 2015, 584,000 stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. For the three and nine months ended September 30, 2014, 710,700 stock options were excluded.