Net Income Per Share Attributable To Cooper-Standard Holdings Inc.

3 Months Ended

Mar. 31, 2012

Net Income Per Share Attributable To Cooper-Standard Holdings Inc. [Abstract]

Net Income Per Share Attributable To Cooper-Standard Holdings Inc.

10. Net Income Per Share Attributable to Cooper-Standard Holdings Inc.

Basic net income per share attributable to Cooper-Standard Holdings Inc. was computed using the two-class method by dividing net income attributable to Cooper-Standard Holdings Inc., after deducting dividends on the Company's 7% preferred stock, premium paid for redemption of preferred stock and undistributed earnings allocated to participating securities, by the average number of common shares outstanding during the period excluding unvested restricted shares. The Company's shares of 7% preferred stock outstanding are considered participating securities. A summary of information used to compute basic net income per share attributable to Cooper-Standard Holdings Inc. is shown below:

	Three Months Ended March 31,
	2011			2012
Net income attributable to Cooper-Standard Holdings Inc.	$	44,935		$	23,787
Less: Preferred stock dividends (paid or unpaid)		(1,842	)		(1,689	)
Less: Premium paid for redemption of preferred stock		—			(974	)
Less: Undistributed earnings allocated to participating securities		(8,560	)		(3,938	)
Net income available to Cooper-Standard Holdings Inc. common stockholders	$	34,533		$	17,186
Average shares of common stock outstanding		17,489,693			17,705,918
Basic net income per share attributable to Cooper-Standard Holdings Inc.	$	1.97		$	0.97

Diluted net income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method dividing net income attributable to Cooper-Standard Holdings Inc. by the average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. Diluted net income per share attributable to Cooper-Standard Holdings Inc. computed using the two-class method was anti-dilutive. A summary of information used to compute diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below:

	Three Months Ended March 31,
	2011		2012
Net income available to Cooper-Standard Holdings Inc. common stockholders	$	34,533	$	17,186
Average common shares outstanding		17,489,693		17,705,918
Dilutive effect of:
Common restricted stock		518,234		336,363
Preferred restricted stock		113,063		66,947
Warrants		1,057,555		825,988
Options		236,293		151,584
Average dilutive shares of common stock outstanding		19,414,838		19,086,800
Diluted net income per share attributable to Cooper-Standard Holdings Inc.	$	1.78	$	0.90

The effect of certain common stock equivalents, including the convertible preferred stock and options, were excluded from the computation of weighted average diluted shares outstanding for the three months ended March 31, 2011 and 2012, as inclusion would have resulted in antidilution. A summary of these preferred shares (as if converted) and options are shown below:

	Three Months Ended March 31,
	2011		2012
Number of options		—		252,401
Exercise price	$	—	$	43.50 - 46.75
Preferred shares, as if converted		4,335,188		4,057,316
Preferred dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation	$	10,402	$	6,601