XML 109 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2014
COMPUTATION OF EARNINGS PER SHARE [Abstract]  
Computation of Earnings Per Share
COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each year. The computation of diluted earnings per share includes the common stock equivalency of dilutive options granted to employees under the Stock Incentive Plan.

Excluded from the diluted earnings per share calculation for the years ended December 31, 2014, 2013 and 2012, respectively, are 342,994, 391,717 and 338,248 shares associated with equity awards granted to employees that are anti-dilutive based on the average stock price.

For the years ended December 31, 2014, 2013 and 2012, shares issuable under the Convertible Notes that were dilutive during the period were included in the calculation of earnings per share as the conversion price for the Convertible Notes was less than the average share price of the Company's stock. Excluded from the diluted earnings per share calculation for the years ended December 31, 2014, 2013 and 2012, respectively were 3,411,539, 3,404,626, and 3,396,841 shares, issuable under the warrants sold in connection with the Company’s Convertible Note offering as they would be anti-dilutive. For further information on the Convertible Notes, see Note 11, Debt.

   
 
For the Year Ended December 31,
  
 
2014
 
2013
 
2012
In thousands, except per share amounts
 
 
 
 
 
 
Earnings from continuing operations
 
$
65,780

 
$
59,066

 
$
52,947

Earnings (loss) from discontinued operations, net of tax
 
(2,924
)
 
(2,386
)
 
755

Gain (loss) on disposal of discontinued operations, net of tax
 
(4,984
)
 
420

 
1,323

Net earnings
 
$
57,872

 
$
57,100

 
$
55,025

 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
Weighted average number of shares outstanding
 
27,053

 
26,744

 
26,425

 
 
 
 
 
 
 
Earnings per share from continuing operations
 
$
2.43

 
$
2.21

 
$
2.00

Earnings (loss) per share from discontinued operations
 
(0.11
)
 
(0.09
)
 
0.03

Earnings (loss) per share from disposal of discontinued operations
 
(0.18
)
 
0.02

 
0.05

Basic earnings per share
 
$
2.14

 
$
2.14

 
$
2.08

Diluted:
 
 

 
 

 
 

Weighted average number of shares outstanding
 
27,053

 
26,744

 
26,425

Weighted average shares issuable on exercise of dilutive stock options
 
147

 
159

 
162

Weighted average shares issuable on exercise of convertible notes
 
577

 
240

 
35

Total
 
27,777

 
27,143

 
26,622

 
 
 
 
 
 
 
Earnings per share from continuing operations
 
$
2.37

 
$
2.17

 
$
1.99

Earnings (loss) per share from discontinued operations
 
(0.11
)
 
(0.09
)
 
0.03

Earnings (loss) per share from disposal of discontinued operations
 
(0.18
)
 
0.02

 
0.05

Diluted earnings per share
 
$
2.08

 
$
2.10

 
$
2.07