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Earnings Per Share
9 Months Ended
Sep. 30, 2014
Earnings Per Share  
Earnings Per Share

Note I — 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 non-vested shares.

 

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

 

 

 

Three Months Ended September 30,

 

In thousands, except per share amounts

 

2014

 

2013

 

Net Income

 

 

 

 

 

Income from continuing operations

 

$

6,420

 

$

4,451

 

Income from discontinued operations

 

 

(12,624

)

Net income

 

$

6,420

 

$

(8,173

)

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

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

 

62,398

 

62,538

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

Continuing operations

 

$

0.10

 

$

0.07

 

Discontinued operations

 

0.00

 

(0.20

)

Net income

 

$

0.10

 

$

(0.13

)

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

Shares used in diluted earnings per share computations

 

62,585

 

62,994

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

Continuing operations

 

$

0.10

 

$

0.07

 

Discontinued operations

 

0.00

 

(0.20

)

Net income

 

$

0.10

 

$

(0.13

)

 

 

 

 

 

 

Computation of Shares Used in Earnings Per Share Computations

 

 

 

 

 

Weighted-average common shares outstanding

 

62,398

 

62,538

 

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

 

187

 

456

 

Shares used in diluted earnings per share computations

 

62,585

 

62,994

 

 

4.2 million and 4.1 million of anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended September 30, 2014 and 2013, respectively.  0.5 million anti-dilutive non-vested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended September 30, 2014.  There were no anti-dilutive unvested shares excluded from the calculation of shares used in the diluted EPS calculation for the three months ended September 30, 2013.

 

 

 

Nine Months Ended September 30,

 

In thousands, except per share amounts

 

2014

 

2013

 

Net Income

 

 

 

 

 

Income from continuing operations

 

$

13,902

 

$

17,707

 

Income from discontinued operations

 

 

(10,903

)

Net income

 

$

13,902

 

$

6,804

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

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

 

62,606

 

62,485

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

Continuing operations

 

$

0.22

 

$

0.28

 

Discontinued operations

 

0.00

 

(0.17

)

Net income

 

$

0.22

 

$

0.11

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

Shares used in diluted earnings per share computations

 

62,818

 

62,808

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

Continuing operations

 

$

0.22

 

$

0.28

 

Discontinued operations

 

0.00

 

(0.17

)

Net income

 

$

0.22

 

$

0.11

 

 

 

 

 

 

 

Computation of Shares Used in Earnings Per Share Computations

 

 

 

 

 

Weighted-average common shares outstanding

 

62,606

 

62,485

 

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

 

212

 

323

 

Shares used in diluted earnings per share computations

 

62,818

 

62,808

 

 

4.1 million and 4.3 million anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the nine months ended September 30, 2014 and 2013, respectively.  An insignificant number of anti-dilutive non-vested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the nine months ended September 30, 2014 and 2013, respectively.