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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

(11)  Earnings Per Share

 

The Company presents basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income  available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is calculated by dividing net income by the weighted average number of common and common equivalent shares outstanding during the applicable period.

 

The following table reconciles basic weighted average outstanding shares to diluted weighted average outstanding shares at September 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30,

 

Nine Months Ended September 30,

 

(in thousands, except per share amounts)

 

2012

 

2011

 

2012

 

2011

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income – numerator for basic net earnings per share

 

$
13,517 

 

$
7,220 

 

$
28,029 

 

$
27,415 

 

Add: Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on 5.50% convertible notes (after-tax)(1)

 

 

—

 

 

—

 

 

—

 

 

—

 

Stock options and other equity compensation

 

 

—

 

 

—

 

 

—

 

 

—

 

Numerator for diluted earnings per share

 

$
13,517 

 

$
7,220 

 

$
28,029 

 

$
27,415 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – denominator for basic net
earnings per share 

 

 
55,935 

 

 
50,450 

 

 
52,689 

 

 
49,455 

 

Add: Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and other equity compensation 

 

 
629 

 

 
952 

 

 
784 

 

 
1,020 

 

5.50% convertible notes (after-tax)(1)

 

 

—

 

 

—

 

 

—

 

 

—

 

Denominator for diluted earnings per share 

 

 
56,564 

 

 
51,402 

 

 
53,473 

 

 
50,475 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.24 

 

$
0.14 

 

$
0.53 

 

$
0.55 

 

Diluted

 

$
0.24 

 

$
0.14 

 

$
0.52 

 

$
0.54 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense excluded from diluted earnings per share calculation (1)

 

$
2,508 

 

 

—

 

$
7,578 

 

 

—

 

5.50% Convertible notes shares excluded from diluted earnings per share calculation (1)    

 

 
6,548 

 

 

—

 

 
5,303 

 

 

—

 

_________

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)       Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive.

 

 

For the quarter ended September 30, 2012, average common shares for basic and diluted earnings per share were 55,935 and 56,564, respectively, and basic and diluted earnings per share were both $0.24. For the quarter ended September 30, 2011, average common shares for basic and diluted earnings per share were 50,450 and 51,402 respectively, and basic and diluted earnings per share were each $0.14.

 

For the nine months ended September 30, 2012, average common shares for basic and diluted earnings per share were 52,689 and 53,473, respectively, and basic and diluted earnings per share were $0.53 and $0.52, respectively. For the nine months ended September 30, 2011, average common shares for basic and diluted earnings per share were 49,455 and 50,475 respectively, and basic and diluted earnings per share were $0.55 and $0.54, respectively.