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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2014
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE D—EARNINGS PER SHARE

 

Basic earnings per share is computed by dividing net earnings applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is based on the assumption that stock options are converted into common shares using the treasury stock method and convertible bonds and preferred stock are converted using the if-converted method. Conversion is not assumed if the results are anti-dilutive.  Potential common shares for the six months ended June 30, 2014 and 2013 of 38,072 and 38,072, respectively, relating to convertible bonds and preferred stock were excluded from the computation of diluted earnings per share because they are anti-dilutive. Potential common shares of 2,392,313 and 2,794,021 relating to stock options and restricted stock were excluded from the computation of diluted earnings per share for the six months ended June 30, 2014 and 2013, respectively, because they are anti-dilutive. At June 30, 2014 the convertible bonds may be converted from the date of issuance until maturity at 100% of principal amount into common stock of the Company at a price of $50.  The preferred stock may be converted at the discretion of the holder or upon meeting certain conditions at the discretion of the Company (see Note C).

 

Basic and diluted net earnings per share are computed based on the following information:

 

 

 

Three Months
Ended
June 30,
2014

 

Three Months
Ended
June 30,
2013

 

Six Months
Ended
June 30,
2014

 

Six Months
Ended
June 30,
2013

 

 

 

(in thousands, except for per
 share data)

 

(in thousands, except for per
 share data)

 

 

 

 

 

 

 

 

 

 

 

Net earnings applicable to common shareholders

 

$

10,752

 

$

9,183

 

$

18,959

 

$

12,008

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

73,651,858

 

72,283,896

 

73,379,507

 

72,138,686

 

Effect of dilutive securities — restricted stock

 

—

 

11,822

 

—

 

15,592

 

Effect of dilutive securities — stock options

 

252,246

 

557,159

 

178,843

 

569,175

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

73,904,104

 

72,852,877

 

73,558,350

 

72,723,453

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings per share

 

$

0.15

 

$

0.13

 

$

0.26

 

$

0.17

 

Diluted net earnings per share

 

$

0.15

 

$

0.13

 

$

0.26

 

$

0.17