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Basic and Diluted Earnings per Share
 12 Months Ended
Dec. 31, 2014
Basic and Diluted Earnings per Share

(13) Basic and Diluted Earnings per Share

Potential shares of common stock are included in the diluted earnings per share calculation when dilutive. Potential shares of common stock, consisting of common stock issuable upon exercise of outstanding employee stock options, are calculated using the treasury stock method.

 

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data) for the periods indicated:

 

     Years Ended December 31,  
     2014      2013      2012  

Numerator:

         

Income (loss) from:

         

Continuing operations, net of tax

    $ 5,035       $ 26,550       $ 22,473   

Discontinued operations, net of tax

      0         56,782         (1,927 ) 
  

 

 

     

 

 

     

 

 

  

Net income

 $ 5,035    $ 83,332    $ 20,546   
  

 

 

     

 

 

     

 

 

  

Denominator:

Weighted average common shares of class A common stock

   9,246      9,073      8,768   

Weighted average common shares of class B common stock

   2,055      2,227      2,227   
  

 

 

     

 

 

     

 

 

  

Total weighted average common stock shares outstanding

   11,301      11,300      10,995   

Effect of dilutive securities:

Employee stock options

   55      1      179   
  

 

 

     

 

 

     

 

 

  

Adjusted weighted average shares

   11,356      11,301      11,174   
  

 

 

     

 

 

     

 

 

  

Earnings per share:

Basic earnings (loss) per share

From continuing operations

 $ 0.45    $ 2.35    $ 2.05   

From discontinued operations

   0      5.02      (0.18 ) 
  

 

 

     

 

 

     

 

 

  

Basic earnings per share

 $ 0.45    $ 7.37    $ 1.87   
  

 

 

     

 

 

     

 

 

  

Diluted earnings (loss) per share:

From continuing operations

 $ 0.44    $ 2.35    $ 2.01   

From discontinued operations

   0      5.02      (0.17 ) 
  

 

 

     

 

 

     

 

 

  

Diluted earnings per share

 $ 0.44    $ 7.37    $ 1.84   
  

 

 

     

 

 

     

 

 

  

For the year ended December 31, 2014, stock options issued under the 2013 Plan to purchase an aggregate of 735,000 shares of class A common stock were excluded from the diluted earnings per share computation because the effect of their inclusion would have been anti-dilutive. For the year ended December 31, 2013, stock options issued under the 2013 Plan to purchase an aggregate of 600,000 shares of class A common stock were excluded from the diluted earnings per share computation because the effect of their inclusion would have been anti-dilutive. No options to purchase shares of common stock were excluded from the diluted earnings per share computation for the year ended December 31, 2012.