Annual report pursuant to Section 13 and 15(d)

Earnings per Share

v2.4.0.8
Earnings per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings per Share

Note 14 — 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:

 

     Net Income
(Numerator) 		     Weighted-
Average
Shares
(Denominator) 		     Per
Share
Amount		  
     (In thousands, except share and per share data)  

Year ended December 31, 2013

         

Basic EPS

    $ 39,906         31,598,913       $ 1.26   

Effect of dilutive securities - options, warrants and unvested restricted stock

      —           97,607         —     
  

 

 

     

 

 

     

 

 

  

Diluted EPS

    $ 39,906         31,696,520       $ 1.26   
  

 

 

     

 

 

     

 

 

  

Year ended December 31, 2012

         

Basic EPS

    $ 90,374         31,475,510       $ 2.87   

Effect of dilutive securities - options, warrants and unvested restricted stock

      —           40,072         —     
  

 

 

     

 

 

     

 

 

  

Diluted EPS

    $ 90,374         31,515,582       $ 2.87   
  

 

 

     

 

 

     

 

 

  

Year ended December 31, 2011

         

Basic EPS

    $ 28,147         20,403,549       $ 1.38   

Effect of dilutive securities - options, warrants and unvested restricted stock

      —           19,435         —     
  

 

 

     

 

 

     

 

 

  

Diluted EPS

    $ 28,147         20,422,984       $ 1.38   
  

 

 

     

 

 

     

 

 

  

For the years ended December 31, 2013, 2012 and 2011, there were 60,400, 301,200 and 409,875 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.