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Earnings per Share
 6 Months Ended
Mar. 31, 2016
Earnings per Share  
Earnings per Share

11.Earnings per Share

 

The following table sets forth the computations of basic and diluted EPS for the years indicated, reflecting the amounts attributable to Headwaters and excluding the amounts attributable to the non-controlling interest in Entegra. In accordance with ASC 260, income from continuing operations for each period is used as the control number in determining whether potentially dilutive common shares should be included in the diluted earnings per share computations for those periods, even when the effect of doing so is anti-dilutive to the other per-share amounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

March 31,

 

March 31,

 

(in thousands, except per-share amounts)

    

2015

    

2016

    

2015

    

2016

    

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$
(24,988)

 

$
2,612

 

$
(17,837)

 

$
15,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to non-controlling interest

 

 
(259)

 

 
(283)

 

 
(504)

 

 
(579)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment of estimated redemption value of non-controlling interest

 

 
276

 

 
0

 

 
0

 

 
0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic and diluted earnings per share from continuing operations — income (loss) from continuing operations attributable to Headwaters Incorporated

 

 
(24,971)

 

 
2,329

 

 
(18,341)

 

 
14,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic and diluted earnings per share from discontinued operations — income (loss) from discontinued operations, net of income taxes

 

 
(210)

 

 
(228)

 

 
(277)

 

 
(444)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic and diluted earnings per share — net income (loss) attributable to Headwaters Incorporated

 

$
(25,181)

 

$
2,101

 

$
(18,618)

 

$
14,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 
73,555

 

 
73,818

 

 
73,501

 

 
73,804

 

Effect of dilutive securities — shares issuable upon exercise of options and SARs and vesting of restricted stock

 

 
0

 

 
1,523

 

 
0

 

 
1,549

 

Denominator for diluted earnings per share — weighted-average shares outstanding after assumed exercises and vesting

 

 
73,555

 

 
75,341

 

 
73,501

 

 
75,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share attributable to Headwaters Incorporated:

 

 

 

 

 

 

 

 

 

 

 

 

 

From continuing operations

 

$
(0.34)

 

$
0.03

 

$
(0.25)

 

$
0.21

 

From discontinued operations

 

 
0.00

 

 
0.00

 

 
0.00

 

 
(0.01)

 

 

 

$
(0.34)

 

$
0.03

 

$
(0.25)

 

$
0.20

 

Diluted income (loss) per share attributable to Headwaters Incorporated:

 

 

 

 

 

 

 

 

 

 

 

 

 

From continuing operations

 

$
(0.34)

 

$
0.03

 

$
(0.25)

 

$
0.20

 

From discontinued operations

 

 
0.00

 

 
0.00

 

 
0.00

 

 
(0.01)

 

 

 

$
(0.34)

 

$
0.03

 

$
(0.25)

 

$
0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive securities not considered in diluted EPS calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-settled SARs

 

 
3,811

 

 
256

 

 
2,358

 

 
292

 

Stock options

 

 
105

 

 
0

 

 
105

 

 
36

 

Restricted stock

 

 
264

 

 
0

 

 
132

 

 
0