XML 58 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2013
EARNINGS PER SHARE

10. EARNINGS PER SHARE

The computation of basic and diluted earnings per share for net income attributable to Wabtec shareholders is as follows:

 

 

Three Months Ended
March 31,

 

 

In thousands, except per share

2013

2012

 

 

 

Numerator

 

 

Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders             

$              69,613             

$              59,261             

Less: dividends declared—common shares and non-vested restricted stock             

              (2,386)

              (1,438              )

 

 

 

Undistributed earnings             

              67,227             

              57,823             

Percentage allocated to common shareholders(1)             

              99.5              %

              99.5              %

 

 

 

 

              66,891             

              57,534             

Add: dividends declared—common shares             

              2,374             

              1,430             

 

 

 

Numerator for basic and diluted earnings per common share             

$              69,265             

$              58,964             

 

 

 

Denominator

 

 

Denominator for basic earnings per common share—weighted-average shares             

              47,512             

              47,707             

Effect of dilutive securities:

 

 

Assumed conversion of dilutive stock-based compensation plans             

              774             

              634             

 

 

 

Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion             

              48,286

              48,341             

 

 

 

Net income per common share attributable to Wabtec shareholders

 

 

Basic             

$              1.46             

$              1.24             

Diluted             

$              1.44             

$              1.22             

(1) Basic weighted-average common shares outstanding             

              47,512             

              47,707             

Basic weighted-average common shares outstanding and non-vested restricted stock expected to
vest             

              47,750             

              47,962             

Percentage allocated to common shareholders             

              99.5              %

              99.5              %

The Company’s non-vested restricted stock contains rights to receive nonforfeitable dividends, and thus, are participating securities requiring the two-class method of computing earnings per share. The calculation of earnings per share for common stock shown above excludes the income attributable to the non-vested restricted stock from the numerator and excludes the dilutive impact of those shares from the denominator.