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

12 Months Ended

Dec. 31, 2012

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

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

17. 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 and undistributed earnings allocated to participating securities, by the average number of common shares outstanding during the period. 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:

	Seven Months Ended			Year Ended December 31,
	December 31, 2010			2011			2012
Net income attributable to Cooper-Standard Holdings Inc.	$	40,576		$	102,844		$	102,804
Less: Preferred stock dividends (paid or unpaid)		(4,734	)		(7,278	)		(6,764	)
Less: Premium paid for redemption of preferred stock		-			(1,710	)		(1,376	)
Less: Undistributed earnings allocated to participating securities		(7,119	)		(18,596	)		(17,934	)
Net income available to Cooper-Standard Holdings Inc. common stockholders	$	28,723		$	75,260		$	76,730
Average shares of common stock outstanding		17,489,693			17,610,614			17,444,980
Basic net income per share attributable to Cooper-Standard Holdings Inc.	$	1.64		$	4.27		$	4.40

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:

	Seven Months Ended		Year Ended December 31,
	December 31, 2010		2011		2012
Net income available to Cooper-Standard Holdings Inc. common stockholders	$	28,723	$	75,260	$	76,730
Average common shares outstanding		17,489,693		17,610,614		17,444,980
Dilutive effect of:
Common restricted stock		321,967		373,804		260,150
Preferred restricted stock		77,758		83,507		42,888
Warrants		633,933		918,537		666,546
Options		56,574		184,032		106,121
Average dilutive shares of common stock outstanding		18,579,925		19,170,494		18,520,685
Diluted net income per share attributable to Cooper-Standard Holdings Inc.	$	1.55	$	3.93	$	4.14

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 years ended December 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:

	Seven Months Ended		Year Ended December 31,
	December 31, 2010		2011		2012
Number of options		-		144,000		519,100
Exercise price	$	-		$43.50-46.75		$43.50-52.50
Preferred shares, as if converted		4,335,188		4,351,476		4,077,284
Preferred dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation	$	11,853	$	27,584	$	26,074