Calculation of Earnings Per Share |
2. |
Calculation of Earnings
Per Share |
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Three
Months |
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Nine
Months |
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For the
Periods Ended September 30,
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2012 |
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2011 |
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2012 |
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2011 |
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(in thousands, except shares and per share
data) |
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Calculation of Basic
Earnings Per Share:
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Net Income
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$ |
3,219 |
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$ |
2,397 |
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$ |
19,006 |
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$ |
19,664 |
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Weighted average shares
outstanding
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9,592,417 |
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9,564,012 |
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9,583,316 |
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9,552,472 |
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Basic Earnings Per
Share
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$ |
0.34 |
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$ |
0.25 |
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$ |
1.98 |
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$ |
2.06 |
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Calculation of Diluted
Earnings Per Share:
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Reconciliation of
Numerator:
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Net Income
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$ |
3,219 |
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$ |
2,397 |
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$ |
19,006 |
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$ |
19,664 |
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Effect of 8.25% Convertible
debentures
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13 |
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15 |
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41 |
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46 |
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Adjusted numerator —
Diluted
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$ |
3,232 |
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$ |
2,412 |
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$ |
19,047 |
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$ |
19,710 |
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Reconciliation of
Denominator:
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Weighted shares outstanding
— Basic
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9,592,417 |
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9,564,012 |
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9,583,316 |
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9,552,472 |
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Effect of dilutive
securities:
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Share-based
Compensation
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23,770 |
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23,925 |
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22,684 |
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22,623 |
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8.25% Convertible
debentures
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60,471 |
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70,033 |
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67,681 |
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72,537 |
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Adjusted denominator
— Diluted
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9,676,658 |
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9,657,970 |
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9,673,681 |
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9,647,632 |
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Diluted Earnings Per
Share
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$ |
0.33 |
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$ |
0.25 |
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$ |
1.97 |
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$ |
2.04 |
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