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Earnings (Loss) Per Share Data
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Data

The following is a reconciliation of the basic and diluted earnings per share (“EPS”) computations for both the numerator and denominator (in thousands, except per share data):
 
 
Three months ended September 30,
 
Nine months ended September 30,
2014:
 
Income (Numerator)
 
Common Shares(Denominator)
 
Per Common
Share Amounts
 
Income (Numerator)
 
Common Shares(Denominator)
 
Per Common
Share Amounts
Basic EPS
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
68,077

 
 
 
$
0.70

 
$
192,961

 
 
 
$
1.98

Loss from discontinued operations
 
(3,246
)
 
 
 
(0.03
)
 
(42,385
)
 
 
 
(0.43
)
Net income
 
$
64,831

 
97,019

 
$
0.67

 
$
150,576

 
97,521

 
$
1.54

Effect of Dilutive Securities
 
 

 
 

 
 

 
 

 
 

 
 

Convertible securities
 
66

 
7,945

 
 

 
198

 
8,283

 
 

Stock options, units and awards
 
—

 
584

 
 

 
—

 
646

 
 

Diluted EPS
 
 

 
 

 
 

 
 

 
 

 
 

Income from continuing operations plus assumed conversions
 
$
68,143

 
 
 
$
0.65

 
$
193,159

 
 
 
$
1.81

Loss from discontinued operations
 
(3,246
)
 
 
 
(0.03
)
 
(42,385
)
 
 
 
(0.40
)
Net income plus assumed conversions
 
$
64,897

 
105,548

 
$
0.61

 
$
150,774

 
106,450

 
$
1.42

 
 
Three months ended September 30,
 
Nine months ended September 30,
2013:
 
Income (Numerator)
 
Common Shares(Denominator)
 
Per Common
Share Amounts
 
Income (Numerator)
 
Common Shares(Denominator)
 
Per Common
Share Amounts
Basic EPS
 
 

 
 

 
 

 
 
 
 
 
 
Income (loss) from continuing operations
 
$
(69,351
)
 
 
 
$
(0.68
)
 
$
26,265

 
 
 
$
0.26

Income from discontinued operations
 
3,042

 
 
 
0.03

 
13,999

 
 
 
0.14

Net income (loss)
 
$
(66,309
)
 
101,811

 
$
(0.65
)
 
$
40,264

 
102,624

 
$
0.39

Effect of Dilutive Securities
 
 

 
 

 
 

 
 
 
 
 
 
Convertible securities
 
—

 
—

 
 

 
212

 
6,360

 
 
Stock options, warrants, units and awards
 
—

 
—

 
 

 
—

 
628

 
 
Diluted EPS
 
 

 
 

 
 

 
 
 
 
 
 
Income (loss) from continuing operations plus assumed conversions
 
$
(69,351
)
 
 
 
$
(0.68
)
 
$
26,477

 
 
 
$
0.24

Income from discontinued operations
 
3,042

 
 
 
0.03

 
13,999

 
 
 
0.13

Net income (loss) plus assumed conversions
 
$
(66,309
)
 
101,811

 
$
(0.65
)
 
$
40,476

 
109,612

 
$
0.37


EPS is reported independently for each amount presented. Accordingly, the sum of the individual amounts may not necessarily equal the separately calculated amounts for the corresponding period.

The Company is required to include additional shares in its diluted shares outstanding calculation based on the treasury stock method when the average market price of a share of Omnicare stock on the New York Stock Exchange for the applicable period exceeds the following amounts:

Convertible Debt
 
Price
3.75% convertible senior subordinated notes, due 2025
 
$
26.84

4.00% junior subordinated convertible debentures, due 2033
 
$
40.82

3.25% convertible senior debentures, due 2035
 
$
77.88

3.75% convertible senior subordinated notes, due 2042
 
$
41.05

3.50% convertible senior subordinated notes, due 2044
 
$
70.00



Diluted weighted average shares outstanding excludes the impact of 1 million stock options and stock awards for the nine months ended September 30, 2013 due to the exercise prices of these stock options and awards being greater than the average fair market value of our common stock during the period. The amount of stock options and stock awards excluded from the diluted weighted average shares outstanding for the three and nine months ended September 30, 2014 and the three months ended September 30, 2013 is immaterial.  Also, the Company has capped call provisions in place on our 3.75% convertible notes due 2042, which provide a hedge against economic dilution, but not against diluted share count under generally accepted accounting principles, up to an average stock price of approximately $68.75 through March 2016.