2.2.0.25falsefalse0211 - Disclosure - Stockholders' Equity and Earnings (Loss) Per Sharetruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<!-- Begin Block Tagged Note 11 - gdi:StockholdersEquityAndLossEarningsPerShareTextBlock-->
<div style="margin-left: 0%">
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left">
<tr>
<td width="7%"></td>
<td width="93%"></td>
</tr>
<tr valign="top">
<td>
<b><font style="font-family: 'Times New Roman', Times">Note 11: </font></b>
</td>
<td>
<b><font style="font-family: 'Times New Roman', Times">Stockholders’
Equity and Earnings (Loss) Per Share</font></b>
</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In November 2008, the Company’s Board of Directors
authorized a share repurchase program to acquire up to
3,000,000 shares of the Company’s outstanding common
stock. This program replaced a previous program authorized in
November 2007 under which the Company repurchased
2,700,000 shares during 2008 at a total cost, excluding
commissions, of $100.4 million. The November 2008
repurchase program will remain in effect until all the
authorized shares are repurchased unless modified by the Board
of Directors. As of December 31, 2010,
2,176,987 shares remain available for purchase under this
program. All common stock acquired will be held as treasury
stock and will be available for general corporate purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At December 31, 2010 and 2009, 100,000,000 shares of
$0.01 par value common stock and 10,000,000 shares of
$0.01 par value preferred stock were authorized. Shares of
common stock outstanding at December 31, 2010 and 2009 were
52,181,335 and 52,191,675, respectively. No shares of preferred
stock were issued or outstanding at December 31, 2010 or
2009. The shares of preferred stock, which may be issued without
further stockholder approval (except as may be required by
applicable law or stock exchange rules), may be issued in one or
more series, with the number of shares of each series and the
rights, preferences and limitations of each series to be
determined by the Company’s Board of Directors. The Company
has an Amended and Restated Rights Plan (the “Rights
Plan”) under which each share of Gardner Denver outstanding
common stock has an associated right (the “Rights”) to
purchase a fraction of a share of Gardner Denver Series A
Junior Participating Preferred Stock. The Rights issued under
the Rights Plan permit the rights holders under limited
circumstances to purchase common stock of Gardner Denver or an
acquiring company at a discounted price, which generally would
be 50% of the respective stock’s then-current fair market
value. The preferred stock that may be purchased upon exercise
of such Rights provides preferred stockholders, among other
things, a preferential quarterly dividend (which accrues until
paid), greater voting rights, and greater rights over common
stockholders to dividends, distributions and, in the case of an
acquisition, consideration to be paid by the acquiring company.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On November 16, 2009, the Company’s Board of Directors
adopted a dividend policy pursuant to which the Company intends
to pay quarterly cash dividends on its common stock, and
declared its first quarterly dividend of $0.05 per common share,
paid on December 10, 2009, to stockholders of record as of
November 23, 2009. Four quarterly dividends of $0.05 per
common share were paid in 2010. The Company intends to continue
paying quarterly dividends, but can make no assurance that such
dividends will be paid in the future since payment is dependent
upon, among other factors, the Company’s future earnings,
cash flows, capital requirements, debt covenants, general
financial condition, and general business conditions. The cash
flow generated by the Company is currently used for debt
service, selective acquisitions, capital accumulation, payment
of cash dividends, repurchases of its common stock and
reinvestment.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Basic earnings (loss) per share are computed by dividing net
income (loss) attributable to Gardner Denver by the weighted
average shares outstanding during the reporting period. Dilutive
earnings per share are computed similar to basic earnings per
share except that the weighted average shares outstanding are
increased to include additional shares from the assumed exercise
of stock options, and the assumed vesting of restricted share
awards if dilutive. The number of additional shares is
calculated by assuming that outstanding stock options were
exercised, and outstanding restricted share awards were
released, and that the proceeds from such activities were used
to acquire shares of common stock at the average market price
during the reporting period. In accordance with the provisions
of FASB ASC 718, the Company includes the impact of the
proforma deferred tax assets in determining potential windfalls
and shortfalls for purposes of calculating assumed proceeds
under the treasury stock method.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following table details the calculation of basic and diluted
earnings (loss) per common share for the years ended
December 31, 2010, 2009 and 2008:
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="64%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="8%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=04 type=body -->
<td width="1%" align="left"> </td><!-- colindex=04 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom">
<b><font style="font-size: 9pt">2010</font></b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom">
<font style="font-size: 9pt">2009
</font>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom">
<font style="font-size: 9pt">2008
</font>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 1pt" valign="bottom" align="center">
<td colspan="12" align="right" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Net income (loss) attributable to Gardner Denver
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>172,962</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(165,185
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
165,981
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Weighted average shares of common stock outstanding:
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Basic
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>52,295,833</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
51,890,891
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
52,599,571
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Effect of stock-based compensation
awards<sup style="font-size: 85%; vertical-align: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>431,979</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
541,432
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Dilutive
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>52,727,812</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
51,890,891
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
53,141,003
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Earnings (loss) per share:
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Basic
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>3.31</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(3.18
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3.16
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Dilutive
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>3.28</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(3.18
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3.12
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" style="border-top: 1px solid #000000">
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 3pt; font-size: 1pt"> 
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<tr>
<td width="1%"></td>
<td width="1%"></td>
<td width="98%"></td>
</tr>
<tr>
<td align="right" valign="top">
<font style="font-size: 8pt">(1)
</font></td>
<td></td>
<td valign="bottom">
<font style="font-size: 8pt">Share equivalents totaling 272,520,
consisting of outstanding stock options and nonvested restricted
share awards, were excluded from the computation of diluted loss
per share for the year ended December 31, 2009 because the
net loss for the period caused all potentially dilutive shares
to be anti-dilutive.
</font></td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The following table sets forth the outstanding stock options and
unvested restricted share awards that have been excluded from
the computation of diluted earnings per share for the years
ended December 31, 2010, 2009 and 2008 because their effect
would be anti-dilutive:
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="71%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="5%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="5%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="5%" align="right"> </td><!-- colindex=04 type=body -->
<td width="1%" align="left"> </td><!-- colindex=04 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom">
<b><font style="font-size: 9pt">2010</font></b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom">
<font style="font-size: 9pt">2009
</font>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom">
<font style="font-size: 9pt">2008
</font>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 1pt" valign="bottom" align="center">
<td colspan="12" align="right" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Anti-dilutive options
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>168,280</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
775,092
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
435,250
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Anti-dilutive restricted shares
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>2,031</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
757
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3,918
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Total
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>170,311</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
775,849
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
439,168
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td colspan="13" style="border-top: 1px solid #000000">
 
</td>
</tr>
</table>
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