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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share  
Earnings Per Share

Note K — Earnings Per Share

 

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  Dilutive potential common shares include outstanding stock options and unvested shares.

 

Reconciliations of basic and diluted earnings per share (EPS) are as follows:

 

In thousands

 

2013

 

2012

 

2011

 

Net Income

 

 

 

 

 

 

 

Income from continuing operations

 

$

24,441

 

$

35,396

 

$

42,060

 

Income (loss) from discontinued operations

 

(11,071

)

(118,749

)

2,138

 

Net income (loss)

 

$

13,370

 

$

(83,353

)

$

44,198

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

Weighted-average common shares outstanding used in earnings per share computations

 

62,503

 

62,887

 

63,173

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

 

 

 

 

 

 

Continuing operations

 

$

0.39

 

$

0.56

 

$

0.67

 

Discontinued operations

 

(0.18

)

(1.89

)

0.03

 

Net income

 

$

0.21

 

$

(1.33

)

$

0.70

 

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

Shares used in diluted earnings per share computations

 

62,812

 

63,148

 

63,552

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

 

 

 

 

 

 

Continuing operations

 

$

0.39

 

$

0.56

 

$

0.66

 

Discontinued operations

 

(0.18

)

(1.88

)

0.03

 

Net income

 

$

0.21

 

$

(1.32

)

$

0.70

 

 

 

 

 

 

 

 

 

Computation of Shares Used in Earnings Per Share Computations

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

62,503

 

62,887

 

63,173

 

Weighted-average common equivalent shares- dilutive effect of stock options and awards

 

309

 

261

 

379

 

Shares used in diluted earnings per share computations

 

62,812

 

63,148

 

63,552

 

 

For the purpose of calculating the shares used in the diluted EPS calculations, 4.2 million, 4.9 million and 5.4 million anti-dilutive options have been excluded from the EPS calculations for the years ended December 31, 2013, 2012, and 2011, respectively.  There were no anti-dilutive unvested shares for the year ended December 31, 2013, and 0.1 million and 0.0 million for the years ended December 31, 2012 and 2011, respectively.