Earnings per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common Share

In August 2013, the issued and outstanding shares of our Class B Common Stock declined to less than 10% of the aggregate number of issued and outstanding shares of our Class A Common Stock and Class B Common Stock. Pursuant to the terms of Article V of our Certificate of Incorporation, the issued and outstanding shares of our Class B common stock automatically converted into shares of our Class A common stock. Following this automatic conversion, there is now only a single class of our common stock outstanding.

The calculation of basic and diluted EPS was as follows:

	Year Ended December 31,
	2014			2013			2012
	(In thousands, except per share data)
Basic earnings per Class A common share
Net income	$	42,693		$	34,040		$	47,219
Income attributable to preferred stock	(4,842		)	(5,360		)	(7,599		)
Income attributable to other classes of common stock	(349		)	(642		)	(1,400		)
Net income allocated to Class A common stockholders	$	37,502		$	28,038		$	38,220
Weighted-average Class A shares issued and outstanding	40,907			35,875			34,499
Basic earnings per Class A common share	$	0.92		$	0.78		$	1.11
Diluted earnings per Class A common share
Net income allocated to Class A common stockholders	$	37,502		$	28,038		$	38,220
Re-allocated earnings	94			172			293
Diluted net income allocated to Class A common stockholders	$	37,596		$	28,210		$	38,513
Weighted-average Class A shares issued and outstanding	40,907			35,875			34,499
Dilutive potential common shares:
Stock options	640			1,078			1,369
Restricted stock units	220			203			43
Employee stock purchase plan	3			—			22
Diluted weighted-average Class A shares issued and outstanding	41,770			37,156			35,933
Diluted earnings per Class A common share	$	0.90		$	0.76		$	1.07

As of December 31, 2014, 147,192 shares of Class A common stock issued to Walmart were subject to our repurchase right. Basic and diluted EPS for these shares were the same as basic and diluted EPS for our Class A common stock for the years ended December 31, 2014, 2013 and 2012.

For the years ended December 31, 2013 and 2012, we excluded from the computation of basic EPS all shares issuable under an unvested warrant to purchase 4,283,456 shares of our Class A common stock, as the related performance conditions had not been satisfied.

Note 14—Earnings per Common Share (continued)

For the periods presented, we excluded all shares of convertible preferred stock and certain stock options outstanding, which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. The following table shows the weighted-average number of anti-dilutive shares excluded from the diluted EPS calculation:

	Year Ended December 31,
	2014	2013	2012
	(In thousands, except per share data)
Class A common stock
Options to purchase Class A common stock	598	994	1,408
Restricted stock units	15	39	26
Conversion of convertible preferred stock	5,282	6,859	6,859
Total options, restricted stock units and convertible preferred stock	5,895	7,892	8,293