Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share

Earnings Per Share

10.  Earnings Per Share

Basic earnings per share exclude any dilutive effects of options, restricted shares, RSUs, warrants and convertible securities. Diluted earnings per share are calculated including the dilutive effects of options, restricted shares, RSUs, warrants and convertible securities, if any.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended March 31,
	2013		2012
	(in millions except for share and per share amounts)
Numerator:
Net income attributable to Reliance	$	83.7	$	116.2
Denominator:
Denominator for basic earnings per share – Weighted average shares	76,297,108		74,922,487
Effect of dilutive securities:
Stock options and restricted shares	783,595		504,065
Denominator for dilutive earnings per share:
Adjusted weighted average shares and assumed conversions	77,080,703		75,426,552
Net income per share attributable to Reliance shareholders – diluted	$	1.09	$	1.54
Net income per share attributable to Reliance shareholders – basic	$	1.10	$	1.55

The computations of earnings per share for the three months ended March 31, 2013 and 2012 do not include 483,680 and 2,475,395 shares reserved for issuance upon exercise of stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive.