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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

(4) Earnings per Share 

 

The Company reports its earnings per share under the two-class method. Under this method, potentially dilutive securities are excluded from the calculation of diluted earnings per share (as well as their related impact on the statements of operations) when their impact on net income available to common stockholders is anti-dilutive. Potentially dilutive securities for the three months ended March 31, 2013 and 2012 included all outstanding stock options and shares of restricted stock, which were included in the calculation of diluted earnings per share for these periods.

 

Additionally, the shares of restricted stock issued by the Company have a non-forfeitable right to cash dividends, if and when declared by the Company.  Accordingly, restricted shares are considered to be participating securities and, as such, the Company has allocated the undistributed earnings for the three months ended March 31, 2013 and 2012 among the Company's outstanding shares of common stock and issued but unvested restricted shares, as follows:

 

Earnings per Share (in thousands, excluding share and per share amounts): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2013

 

Three Months Ended March 31, 2012

 

 

Income 

 

Weighted Average Shares Outstanding

 

Earnings Per Share 

 

Income 

 

Weighted Average Shares Outstanding

 

Earnings Per Share 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to controlling interests and available to common stockholders 

 

$ 
9,430 

 

 

 

 

 

 

 

$ 
9,829 

 

 

 

 

 

 

Less: Undistributed earnings allocated to unvested restricted shares 

 

 
(231)

 

 

 

 

 

 

 

 
(334)

 

 

 

 

 

 

Net income available to common stockholders 

 

$ 
9,199 

 

 
44,247,098 

 

$ 
0.21 

 

$ 
9,495 

 

 
43,058,215 

 

$ 
0.22 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Undistributed earnings allocated to restricted shares 

 

$ 
231 

 

 

 

 

 

 

 

$ 
334 

 

 

 

 

 

 

Stock options added to the denominator under the treasury stock method 

 

 

 

 

 
232,268 

 

 

 

 

 

 

 

 
504,403 

 

 

 

Less: Undistributed earnings reallocated to restricted shares 

 

 
(230)

 

 

 

 

 

 

 

 
(330)

 

 

 

 

 

 

Net income available to common stockholders and assumed conversions 

 

$ 
9,200 

 

 
44,479,366 

 

$ 
0.21 

 

$ 
9,499 

 

 
43,562,618 

 

$ 
0.22 

 

The computation of diluted earnings per share excluded potentially dilutive common shares related to restricted stock (including both RSAs and RSUs) of 480,284 and 672,627 shares for the three months ended March 31, 2013 and 2012,  respectively, because the effect of including these shares in the computation would have been anti-dilutive.