Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(in millions, except share and per share amounts)
Numerator:
Net income attributable to Reliance	$	81.0	$	108.8	$	164.7	$	225.0
Denominator:
Denominator for basic earnings per share:
Weighted average shares	76,695,598		75,087,057		76,497,454		75,004,840
Effect of dilutive securities:
Stock options and restricted shares	773,519		424,192		778,557		464,129
Denominator for diluted earnings per share:
Adjusted weighted average shares and assumed conversions	77,469,117		75,511,249		77,276,011		75,468,969
Net income per share attributable to Reliance shareholders – diluted	$	1.05	$	1.44	$	2.13	$	2.98
Net income per share attributable to Reliance shareholders – basic	$	1.06	$	1.45	$	2.15	$	3.00

The computations of earnings per share for the three months ended June 30, 2013 and 2012 do not include 144,143 and 2,462,550 shares reserved for issuance upon exercise of outstanding stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive.

The computations of earnings per share for the six months ended June 30, 2013 and 2012 do not include 313,912 and 2,468,973 shares reserved for issuance upon exercise of outstanding stock options or vesting of restricted shares, respectively, because their inclusion would have been anti-dilutive.