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Earnings per Share
 6 Months Ended
Jun. 30, 2014
Earnings per Share  
Earnings per Share

5.Earnings Per Share

 

Basic income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period.  Diluted income per share is calculated by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding during the period.  Our common share equivalents consist of stock options and restricted stock awards and units.

 

The following table reconciles the basic to diluted weighted average shares outstanding using the treasury stock method (shares in thousands, except per share data):

 

 

 

June 30,

 

June 30,

 

 

 

Three months ended

 

Six months ended

 

Basic and diluted

 

2014

 

2013

 

2014

 

2013

 

Net Income

 

$
6,038 

 

$
10,420 

 

$
9,391 

 

$
17,396 

 

 

 

 

 

 

 

 

 

 

 

Net weighted average common shares outstanding, basic

 
87,691 

 
87,674 

 
87,564 

 
87,408 

 

Plus: net effect of dilutive stock options

 
230 

 
1,200 

 
301 

 
1,336 

 

Plus: net effect of dilutive restricted common shares

 
171 

 
149 

 
168 

 
175 

 

Weighted average common shares outstanding, diluted

 
88,092 

 
89,023 

 
88,033 

 
88,919 

 

Income per common share - Basic

 

$
0.07 

 

$
0.12 

 

$
0.11 

 

$
0.20 

 

Income per common share - Diluted

 

$
0.07 

 

$
0.12 

 

$
0.11 

 

$
0.20 

 

 

For the three months ended June 30, 2014 and 2013, 2,562,229 and 1,413,369 stock options, respectively, were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.  For the three months ended June 30, 2014 and 2013, 9,085 and 189,278 restricted stock units were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.

 

For the six months ended June 30, 2014 and 2013, 2,443,375 and 1,375,346 stock options, respectively, were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive. For the six months ended June 30, 2014 and 2013, 52,171 and 102,847 restricted stock units were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.