| Earnings per Share |
Note 18 — Earnings per Share
Earnings per share (“EPS”) is calculated on both a
basic and a diluted basis. Basic EPS excludes dilution and is
computed by dividing income available to common stockholders by the
weighted-average number of common shares outstanding for the
period. Diluted EPS reflects the potential dilution that could
occur if securities or other contracts to issue common stock were
exercised or converted into common stock or resulted from the
issuance of common stock that then shared in earnings, excluding
common shares in treasury. Unvested restricted stock is excluded
from the calculation of weighted-average common shares for basic
EPS. For diluted EPS, weighted-average common shares include the
impact of restricted stock under the treasury method.
The following table is a reconciliation of the components used to
derive basic and diluted EPS for the periods indicated:
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Net
Income
(Numerator)
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Weighted-
Average
Shares
(Denominator)
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Per
Share
Amount |
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(In thousands, except share and per share data)
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Year Ended December 31, 2014
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Basic EPS
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Income from continuing operations, net of taxes
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$ |
50,205 |
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31,696,100 |
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$ |
1.58 |
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Loss from discontinued operations, net of taxes
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(444 |
) |
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31,696,100 |
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(0.01 |
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Basic EPS
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$ |
49,761 |
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31,696,100 |
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$ |
1.57 |
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Effect of dilutive securities - options, warrants and unvested
restricted stock
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— |
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281,964 |
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$ |
(0.01 |
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Diluted EPS
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Income from continuing operations, net of taxes
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$ |
50,205 |
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31,978,064 |
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$ |
1.57 |
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Loss from discontinued operations, net of taxes
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(444 |
) |
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31,978,064 |
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(0.01 |
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Diluted EPS
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$ |
49,761 |
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31,978,064 |
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$ |
1.56 |
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Year Ended December 31, 2013
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Basic EPS
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Income from continuing operations, net of taxes
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$ |
39,784 |
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31,598,913 |
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$ |
1.26 |
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Income from discontinued operations, net of taxes
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73 |
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31,598,913 |
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— |
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Basic EPS
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$ |
39,857 |
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31,598,913 |
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$ |
1.26 |
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Effect of dilutive securities - options, warrants and unvested
restricted stock
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— |
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97,607 |
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— |
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Diluted EPS
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Income from continuing operations, net of taxes
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$ |
39,784 |
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31,696,520 |
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$ |
1.26 |
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Income from discontinued operations, net of taxes
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73 |
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31,696,520 |
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— |
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Diluted EPS
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$ |
39,857 |
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31,696,520 |
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$ |
1.26 |
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Year Ended December 31, 2012
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Basic EPS
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Income from continuing operations, net of taxes
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$ |
90,157 |
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31,475,510 |
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$ |
2.86 |
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Income from discontinued operations, net of taxes
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167 |
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31,475,510 |
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0.01 |
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Basic EPS
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$ |
90,324 |
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31,475,510 |
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$ |
2.87 |
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Effect of dilutive securities - options, warrants and unvested
restricted stock
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— |
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40,072 |
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— |
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Diluted EPS
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Income from continuing operations, net of taxes
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$ |
90,157 |
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31,515,582 |
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$ |
2.86 |
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Income from discontinued operations, net of taxes
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167 |
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31,515,582 |
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0.01 |
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Diluted EPS
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$ |
90,324 |
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31,515,582 |
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$ |
2.87 |
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For the years ended December 31, 2014, 2013 and 2012, there
were 85,850, 60,400 and 301,200 options, warrants and shares of
unvested restricted stock outstanding, respectively, that were not
included in the computation of diluted EPS because their effect
would be anti-dilutive.
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