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

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2011			2012			2011			2012
Net income attributable to Cooper-Standard Holdings Inc.	$	15,658		$	11,624		$	79,615		$	112,727
Less: Preferred stock dividends (paid or unpaid)		(1,835	)		(1,699	)		(5,519	)		(5,087	)
Less: Premium paid for redemption of preferred stock		—			—			—			(974	)
Less: Undistributed earnings allocated to participating securities		(2,743	)		(1,888	)		(14,781	)		(20,078	)
Net income available to Cooper-Standard Holdings Inc. common stockholders	$	11,080		$	8,037		$	59,315		$	86,588
Average shares of common stock outstanding		17,693,458			17,454,226			17,580,474			17,578,580
Basic net income per share attributable to Cooper-Standard Holdings Inc.	$	0.63		$	0.46		$	3.37		$	4.93

Diluted net income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by 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 September 30,				Nine Months Ended September 30,
	2011		2012		2011		2012
Net income available to Cooper-Standard Holdings Inc. common stockholders	$	11,080	$	8,037	$	59,315	$	86,588
Average common shares outstanding		17,693,458		17,454,226		17,580,474		17,578,580
Dilutive effect of:
Common restricted stock		278,700		172,586		408,964		270,230
Preferred restricted stock		62,095		19,181		91,263		47,833
Warrants		946,478		570,067		992,627		699,533
Options		183,034		77,707		210,660		111,023
Average dilutive shares of common stock outstanding		19,163,765		18,293,767		19,283,988		18,707,199
Diluted net income per share attributable to Cooper-Standard Holdings Inc.	$	0.58	$	0.44	$	3.08	$	4.63

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 and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2011		2012		2011		2012
Number of options		33,700		272,800		33,700		272,800
Exercise price	$	43.50	$	43.50-46.75	$	43.50	$	43.50-46.75
Preferred shares, as if converted		4,381,005		4,099,692		4,381,005		4,076,150
Preferred dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation	$	4,578	$	3,587	$	20,300	$	26,139