Earnings Per Share Calculations

9 Months Ended

Sep. 30, 2013

Earnings Per Share Calculations

Earnings Per Share Calculations

Note 5. Earnings Per Share Calculations

The computations of basic and diluted earnings per share are noted below. Basic earnings per share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts were exercised or converted into common stock. RSAs are included in the common shares outstanding because the shares have all the same voting and dividend rights as issued and unrestricted common stock.

A total of 283,856 shares of Stock Appreciation Rights were vested and outstanding and all were dilutive as of September 30, 2013 and anti-dilutive as of September 30, 2012 as shown in the tables below.

	Three months Ended September 30
	2013		2012
Net income available to common stockholders	$	29,151	$	29,772
Weighted average common shares, basic	47,737		41,905
Dilutive common stock appreciation rights (treasury method)	33		—
Shares used for dilutive computation	47,770		41,905
Net income per share - basic	$	0.61	$	0.71
Net income per share - diluted	$	0.61	$	0.71

	Nine months Ended September 30
	2013		2012
Net income available to common stockholders	$	41,588	$	43,822
Weighted average common shares, basic	45,927		41,886
Dilutive common stock appreciation rights (treasury method)	30		—
Shares used for dilutive computation	45,957		41,886
Net income per share - basic	$	0.91	$	1.05
Net income per share - diluted	$	0.90	$	1.05