XML 37 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share
2. EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per common share for our Common and Class B common stock:

 

     Quarter Ended
June 30,		      Six Months Ended
June 30,		  
     2013      2012      2013      2012  

Basic Earnings per Share:

            

Net income attributable to Watsco, Inc. shareholders

    $ 51,318       $ 39,103       $ 64,703       $ 47,570   

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock

      3,629         2,704         4,566         3,298   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 47,689       $ 36,399       $ 60,137       $ 44,272   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average Common and Class B common shares outstanding for basic earnings per share

      32,182,576         31,717,204         32,170,222         31,236,915   

Basic earnings per share for Common and Class B common stock

    $ 1.48       $ 1.15       $ 1.87       $ 1.42   

Allocation of earnings for Basic:

            

Common stock

    $ 43,681       $ 33,137       $ 55,081       $ 40,244   

Class B common stock

      4,008         3,262         5,056         4,028   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 47,689       $ 36,399       $ 60,137       $ 44,272   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted Earnings per Share:

            

Net income attributable to Watsco, Inc. shareholders

    $ 51,318       $ 39,103       $ 64,703       $ 47,570   

Less: distributed and undistributed earnings allocated to non-vested (restricted) common stock

      3,623         2,702         4,560         3,297   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings allocated to Watsco, Inc. shareholders

    $ 47,695       $ 36,401       $ 60,143       $ 44,273   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average Common and Class B common shares outstanding for basic earnings per share

      32,182,576         31,717,204         32,170,222         31,236,915   

Effect of dilutive stock options

      66,279         66,503         61,024         72,173   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average Common and Class B common shares outstanding for diluted earnings per share

      32,248,855         31,783,707         32,231,246         31,309,088   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share for Common and Class B common stock

    $ 1.48       $ 1.15       $ 1.87       $ 1.41   

Anti-dilutive stock options not included above

      —          1,319         —          1,269   

Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year and adjusts for the dilutive effects of outstanding stock options using the treasury stock method; therefore, no allocation of earnings to Class B common stock is required. As of June 30, 2013 and 2012, our outstanding Class B common stock was convertible into 2,704,858 and 2,842,055 shares of our Common stock, respectively.