Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v2.4.0.8
Earnings per Share
 6 Months Ended
Jun. 30, 2013
Earnings per Share  
Earnings per Share

9.                                      Earnings per Share

 

Basic earnings per share of common stock is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income (loss) by the weighted average number of common shares and common stock equivalents related to the assumed exercise of stock options, using the two-class method. Stock options for which the exercise price exceeds the average fair value have an anti-dilutive effect on earnings per share and are excluded from the calculation.

 

As restricted shares and restricted stock units both participate in dividends, in accordance with ASC 260, the Company has calculated earnings per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends.

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30, 2013

 

June 30, 2012

 

June 30, 2013

 

June 30, 2012

 

Basic earnings per common share

 

 

 

 

 

 

 

 

 

Net income

 

$

5,909

 

$

8,972

 

$

2,505

 

$

4,705

 

Less income allocated to participating securities

 

88

 

94

 

34

 

32

 

Net income allocated to common shareholders

 

$

5,821

 

$

8,878

 

$

2,471

 

$

4,673

 

Weighted average common shares outstanding

 

22,038,161

 

21,906,622

 

22,004,793

 

21,866,662

 

 

 

$

0.26

 

$

0.41

 

$

0.11

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share assuming dilution

 

 

 

 

 

 

 

 

 

Net income

 

$

5,909

 

$

8,972

 

$

2,505

 

$

4,705

 

Less income allocated to participating securities

 

88

 

94

 

34

 

32

 

Net income allocated to common shareholders

 

$

5,821

 

$

8,878

 

$

2,471

 

$

4,673

 

Weighted average common shares outstanding

 

22,038,161

 

21,906,622

 

22,004,793

 

21,866,662

 

Incremental shares applicable to stock based compensation

 

25,892

 

55,476

 

45,203

 

119,312

 

Weighted average common shares assuming dilution

 

22,064,053

 

21,962,098

 

22,049,996

 

21,985,974

 

 

 

$

0.26

 

$

0.40

 

$

0.11

 

$

0.21