Earnings Per Share

6 Months Ended

Jul. 03, 2011

Earnings Per Share

Earnings Per Share

 

15. Earnings Per Share

The Company is presenting earnings per share for the historical periods using the guidance provided in ASC 260, "Earnings per Share (EPS)". Under ASC 260, basic EPS, which excludes dilution, is computed by dividing income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common units. Dilutive EPS includes in-the-money stock options and unvested stock using the treasury stock method. During a net loss period, the assumed exercise of in-the-money stock options and unvested stock has an anti-dilutive effect, and therefore such options, unvested stock and unvested stock units are excluded from the diluted EPS computation.

Per share information is based on the weighted average number of common shares outstanding during each period for the basic computation and, if dilutive, the weighted average number of potential common shares resulting from the assumed conversion of outstanding stock options, unvested stock and unvested stock units for the diluted computation. Units not included in the denominator for basic EPS but evaluated for inclusion in the denominator for diluted EPS included options, unvested restricted stock and unvested restricted stock units granted under the 2006 Equity Incentive Plan (See Note 12).

A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows:

	Three Months Ended					Six Months Ended
	July 4, 2010 (a)			July 3, 2011		July 4, 2010 (a)			July 3, 2011
	(dollars in thousands, except per share data)
Net income (loss) attributable to Susser Holdings Corporation	$	(1,916	)	$	23,665	$	(6,901	)	$	23,642
Denominator for basic earnings per share - weighted average number of common shares outstanding during the period		17,016,067			17,099,010		17,005,078			17,088,555
Incremental common shares attributable to outstanding dilutive options and restricted shares/units		—			351,768		—			334,216
Denominator for diluted earnings per common share		17,016,067			17,450,778		17,005,078			17,422,771
Net income (loss) per share attributable to Susser Holdings Corporation:
Per common share – basic	$	(0.11	)	$	1.38	$	(0.41	)	$	1.38
Per common share – diluted	$	(0.11	)	$	1.36	$	(0.41	)	$	1.36
Options and non-vested restricted shares/units not included in diluted net loss attributable to Susser Holdings Corporation common shareholders because the effect would be anti-dilutive		1,412,068			143,359		1,596,415			127,551

(a) Excluding the impact of non-recurring interest charges related to the May 2010 refinancing, which was $15.7 million net of tax, we would have reported EPS of $0.81 and $0.52 per share for the three months and six months ended July 4, 2010, respectively.