| Earnings Per Share |
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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2015 |
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2014 |
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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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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) |
Three months ended June 30 |
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Basic EPS |
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Income from continuing operations, net of tax |
$ |
13,984 |
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31,774,692 |
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$ |
0.44 |
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$ |
11,509 |
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31,681,033 |
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$ |
0.36 |
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Income from discontinued operations, net of tax |
— |
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31,774,692 |
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— |
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(467 |
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31,681,033 |
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(0.01 |
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Basic EPS |
$ |
13,984 |
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31,774,692 |
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$ |
0.44 |
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$ |
11,042 |
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31,681,033 |
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$ |
0.35 |
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Effect of dilutive securities - options and unvested restricted stock |
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134,027 |
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293,220 |
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Diluted EPS |
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Income from continuing operations, net of tax |
$ |
13,984 |
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31,908,719 |
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$ |
0.44 |
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$ |
11,509 |
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31,974,253 |
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$ |
0.36 |
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Income from discontinued operations, net of tax |
— |
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31,908,719 |
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— |
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(467 |
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31,974,253 |
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(0.01 |
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Diluted EPS |
$ |
13,984 |
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31,908,719 |
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$ |
0.44 |
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$ |
11,042 |
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31,974,253 |
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$ |
0.35 |
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Six months ended June 30 |
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Basic EPS |
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Income from continuing operations, net of tax |
$ |
25,038 |
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31,761,067 |
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$ |
0.79 |
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$ |
22,477 |
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31,670,436 |
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$ |
0.71 |
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Income from discontinued operations, net of tax |
— |
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31,761,067 |
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— |
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(444 |
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31,670,436 |
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(0.01 |
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Basic EPS |
$ |
25,038 |
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31,761,067 |
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$ |
0.79 |
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$ |
22,033 |
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31,670,436 |
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$ |
0.70 |
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Effect of dilutive securities - options and unvested restricted stock |
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113,417 |
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279,877 |
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Diluted EPS |
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Income from continuing operations, net of tax |
$ |
25,038 |
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31,874,484 |
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$ |
0.79 |
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$ |
22,477 |
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31,950,313 |
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$ |
0.70 |
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Income from discontinued operations, net of tax |
— |
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31,874,484 |
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— |
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(444 |
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31,950,313 |
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(0.01 |
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Diluted EPS |
$ |
25,038 |
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31,874,484 |
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$ |
0.79 |
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$ |
22,033 |
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31,950,313 |
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$ |
0.69 |
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For the three months ended June 30, 2015 and 2014, stock options totaling 83,500 and 88,975, respectively, were not included in the computation of diluted EPS. For the six months ended June 30, 2015 and 2014, stock options totaling 113,500 and 58,975, respectively, were not included in the computation of diluted EPS.
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