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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share

3. Earnings Per Share

The Company considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two class method and the treasury stock method.

The following table presents computations of basic and diluted earnings per share under the two-class method:

 

     Three Months Ended     Nine Months Ended  
     September 30,     September 30,  
     2013     2012     2013     2012  

Numerator:

         

Net income attributable to Cinemark Holdings, Inc.

    $ 80,019      $ 47,385      $ 132,878      $ 141,127   

Earnings allocated to participating share-based awards (1)

      (880 )      (630 )      (1,367 )      (1,674 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to common stockholders

    $ 79,139      $ 46,755      $ 131,511      $ 139,453   
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator (shares in thousands):

         

Basic weighted average common stock outstanding

      114,050        113,355        113,836        113,161   

Common equivalent shares for stock options

      8        40        9        39   

Common equivalent shares for restricted stock units

      391        419        446        464   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

      114,449        113,814        114,291        113,664   
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per share attributable to common stockholders

    $ 0.69      $ 0.41      $ 1.15      $ 1.23   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per share attributable to common stockholders

    $ 0.69      $ 0.41      $ 1.15      $ 1.23   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)  For the three months ended September 30, 2013 and 2012, a weighted average of approximately 1,272 and 1,535 shares of unvested restricted stock, respectively, were considered participating securities. For the nine months ended September 30, 2013 and 2012, a weighted average of approximately 1,191 and 1,364 shares of unvested restricted stock, respectively, were considered participating securities.