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Earnings Per Share
9 Months Ended
Sep. 30, 2013
Earnings Per Share  
Earnings Per Share

Note I - Earnings Per Share

 

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  Dilutive potential common shares include outstanding stock options and unvested shares.

 

Reconciliations of basic and diluted earnings per share (EPS) are as follows:

 

 

 

Three Months Ended September 30,

 

In thousands, except per share amounts

 

2013

 

2012

 

Net Income (Loss)

 

 

 

 

 

Income from continuing operations

 

$

4,451

 

$

8,869

 

Income (loss) from discontinued operations

 

(12,624

)

(6

)

Net income (loss)

 

$

(8,173

)

$

8,863

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

Weighted-average common shares outstanding used in earnings (loss) per share computations

 

62,538

 

62,963

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

 

 

 

 

Continuing operations

 

$

0.07

 

$

0.14

 

Discontinued operations

 

(0.20

)

0.00

 

Net income

 

$

(0.13

)

$

0.14

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

Shares used in diluted earnings (loss) per share computations

 

62,994

 

63,205

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

 

 

 

 

 

Continuing operations

 

$

0.07

 

$

0.14

 

Discontinued operations

 

(0.20

)

0.00

 

Net income

 

$

(0.13

)

$

0.14

 

 

 

 

 

 

 

Computation of Shares Used in Earnings Per Share Computations

 

 

 

 

 

Weighted-average common shares outstanding

 

62,538

 

62,963

 

Weighted-average common equivalent shares - dilutive effect of stock options and awards

 

456

 

242

 

Shares used in diluted earnings per share computations

 

62,994

 

63,205

 

 

4.1 million and 4.8 million anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended September 30, 2013 and 2012, respectively. There were no anti-dilutive unvested shares excluded from the calculation of shares used in the diluted EPS calculation for the three months ended September 30, 2013. An insignificant number of anti-dilutive unvested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended September 30, 2012.

 

 

 

Nine Months Ended September 30,

 

In thousands, except per share amounts

 

2013

 

2012

 

Net Income (Loss)

 

 

 

 

 

Income from continuing operations

 

$

17,707

 

$

23,299

 

Loss from discontinued operations

 

(10,903

)

(117,348

)

Net income (loss)

 

$

6,804

 

$

(94,049

)

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

Weighted-average common shares outstanding used in earnings (loss) per share computations

 

62,485

 

62,960

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

 

 

 

 

Continuing operations

 

$

0.28

 

$

0.37

 

Discontinued operations

 

(0.17

)

(1.86

)

Net income (loss)

 

$

0.11

 

$

(1.49

)

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

Shares used in diluted earnings (loss) per share computations

 

62,808

 

63,162

 

 

 

 

 

 

 

Diluted earnings per common share

 

 

 

 

 

Continuing operations

 

$

0.28

 

$

0.37

 

Discontinued operations

 

(0.17

)

(1.86

)

Net income (loss)

 

$

0.11

 

$

(1.49

)

 

 

 

 

 

 

Computation of Shares Used in Earnings Per Share Computations

 

 

 

 

 

Weighted-average common shares outstanding

 

62,485

 

62,960

 

Weighted-average common equivalent shares - dilutive effect of stock options and awards

 

323

 

202

 

Shares used in diluted earnings per share computations

 

62,808

 

63,162

 

 

4.3 million and 5.0 million anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the nine months ended September 30, 2013 and 2012, respectively.  An insignificant number of anti-dilutive unvested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the nine months ended September 30, 2013.  0.2 million anti-dilutive unvested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the nine months ended September 30, 2012.