| EARNINGS PER SHARE |
Basic EPS is
computed by dividing the net income applicable to common
stockholders for the period by the weighted average number of
shares of common stock outstanding during the same period. Our
Series A-1 Preferred, Series A-2 Preferred, Series A-3 Preferred,
restricted stock units and puttable common stock were considered
participating securities since these securities had non-forfeitable
rights to dividends or dividend equivalents during the contractual
period of the award and thus required the two-class method of
computing EPS. When calculating diluted EPS, the numerator is
computed by adding back the undistributed earnings allocated to the
participating securities in arriving at the basic EPS and then
reallocating such undistributed earnings among the company’s
common stock, participating securities and the potential common
shares that result from the assumed exercise of all dilutive
options. The denominator is increased to include the number of
additional common shares that would have been outstanding had the
options been issued.
The following
table sets forth the computation of basic and diluted earnings per
share as follows:
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2012 |
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2011 |
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2010 |
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Numerator for common
earnings per share:
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|
|
|
|
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Net income
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$ |
54,484 |
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|
$ |
44,353 |
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|
$ |
28,308 |
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Accretion of preferred
stock
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|
— |
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|
(17,563 |
) |
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|
(1,432 |
) |
|
Net income allocated to
participating securities
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|
|
(3,341 |
) |
|
|
(15,025 |
) |
|
|
(17,984 |
) |
|
Effect on income available
from redemption of preferred stock
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|
|
— |
|
|
|
— |
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|
|
5,418 |
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|
|
|
|
|
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|
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|
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|
Numerator for basic
(common) earnings per share
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|
51,143 |
|
|
|
11,765 |
|
|
|
14,310 |
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|
Effect on income available
from reallocation of options
|
|
|
261 |
|
|
|
1,185 |
|
|
|
996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Numerator for diluted
(common) earnings per share
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|
$ |
51,404 |
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|
$ |
12,950 |
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|
$ |
15,306 |
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Numerator for (puttable
common) earnings per share:
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|
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|
|
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|
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Net income allocated to
basic (puttable common)
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|
— |
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|
|
26 |
|
|
|
118 |
|
|
Effect on income available
from reallocation of options
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|
|
— |
|
|
|
(12 |
) |
|
|
(7 |
) |
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Numerator for diluted
(puttable common) earnings per share
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|
— |
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|
|
14 |
|
|
|
111 |
|
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Denominator for basic
(common) earnings per share:
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|
|
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|
|
|
|
|
|
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Weighted average common
shares outstanding
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|
|
40,190 |
|
|
|
17,094 |
|
|
|
17,056 |
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|
Effect of dilutive
securities:
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|
|
|
|
|
|
|
|
|
|
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|
Stock options
|
|
|
3,631 |
|
|
|
3,379 |
|
|
|
2,258 |
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|
|
|
|
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|
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Denominator for diluted
(common) earnings per share
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|
43,821 |
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|
|
20,473 |
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|
19,314 |
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Denominator for basic
and diluted (puttable common) earnings per share:
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Weighted average puttable
common shares outstanding
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|
— |
|
|
|
18 |
|
|
|
141 |
|
|
|
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Earnings per
share:
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|
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|
|
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|
Basic (common)
|
|
$ |
1.27 |
|
|
$ |
0.69 |
|
|
$ |
0.84 |
|
|
Basic (puttable
common)
|
|
$ |
— |
|
|
$ |
1.42 |
|
|
$ |
0.84 |
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|
Diluted (common)
|
|
$ |
1.17 |
|
|
$ |
0.63 |
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|
$ |
0.79 |
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|
Diluted (puttable
common)
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|
$ |
— |
|
|
$ |
0.77 |
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|
$ |
0.79 |
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|
Excluded Options due to
Anti-Dilutive
|
|
|
1,534 |
|
|
|
572 |
|
|
|
1,803 |
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