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Earnings Per Share
 9 Months Ended
Sep. 30, 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
September 30,

 

In thousands, except per share

  

2013

 

 

2012

 

Numerator

  

 

 

 

 

 

 

 

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

  

$

  73,943

  

 

$

  62,994

  

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

  

 

(4,003

) 

 

 

(2,376

) 

Undistributed earnings             

  

 

  69,940

  

 

 

  60,618

  

Percentage allocated to common shareholders(1)             

  

 

  99.6

%

 

 

  99.5

%

 

  

 

  69,660

  

 

 

  60,315

  

Add: dividends declared—common shares             

  

 

  3,986

  

 

 

  2,370

  

Numerator for basic and diluted earnings per common share             

  

$

  73,646

  

 

$

  62,685

  

Denominator

  

 

 

 

 

 

 

 

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

  

 

  95,848

  

 

 

  95,286

  

Effect of dilutive securities:

  

 

 

 

 

 

 

 

Assumed conversion of dilutive stock-based compensation plans             

  

 

  1,326

  

 

 

  1,256

  

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

  

 

  97,174

  

 

 

  96,542

  

Net income per common share attributable to Wabtec shareholders

  

 

 

 

 

 

 

 

Basic             

  

$

  0.77

  

 

$

  0.66

  

Diluted             

  

$

  0.76

  

 

$

  0.65

  

 

(1) Basic weighted-average common shares outstanding             

 

 

 

 

 

 

 

 

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

  

 

  95,848

  

 

 

  95,286

  

Percentage allocated to common shareholders             

  

 

  96,273

  

 

 

  95,772

  

 

  

 

  99.6

%

 

 

  99.5

%

 

 

  

Nine Months Ended
September 30,

 

In thousands, except per share

  

2013

 

 

2012

 

Numerator

  

 

 

 

 

 

 

 

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

  

$

  218,194

  

 

$

  186,967

  

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

  

 

(8,799

) 

 

 

(5,256

) 

Undistributed earnings             

  

 

  209,395

  

 

 

  181,711

  

Percentage allocated to common shareholders(1)             

  

 

  99.5

%

 

 

  99.5

%

 

  

 

  208,348

  

 

 

  180,802

  

Add: dividends declared—common shares             

  

 

  8,757

  

 

 

  5,243

  

Numerator for basic and diluted earnings per common share             

  

$

  217,105

  

 

$

  186,045

  

Denominator

  

 

 

 

 

 

 

 

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

  

 

  95,383

  

 

 

  95,464

  

Effect of dilutive securities:

  

 

 

 

 

 

 

 

Assumed conversion of dilutive stock-based compensation plans             

  

 

  1,371

  

 

 

  1,256

  

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

  

 

  96,754

  

 

 

  96,720

  

Net income per common share attributable to Wabtec shareholders

  

 

 

 

 

 

 

 

Basic             

  

$

  2.28

  

 

$

  1.95

  

Diluted             

  

$

  2.25

  

 

$

  1.93

  

 

(1) Basic weighted-average common shares outstanding             

  

 

  95,383

  

 

 

  95,464

  

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

  

 

  95,850

  

 

 

  95,977

  

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.