Earnings Per Share

6 Months Ended

Sep. 30, 2011

Note 7: Earnings Per Share

The computational components of basic and diluted earnings per share are summarized as follows:

	Three months ended September 30						Six months ended September 30
	2011			2010			2011			2010
Basic:
Earnings (loss) from continuing operations	$	625		$	(13,690	)	$	13,741		$	(8,664	)
Less: Net earnings attributable to noncontrolling interest		(38	)		-			(29	)		-
Earnings (loss) from continuing operations attributable to Modine		587			(13,690	)		13,712			(8,664	)
Less: Undistributed earnings attributable to unvested shares		(2	)		-			(52	)		-
Net earnings (loss) from continuing operations available to Modine common shareholders		585			(13,690	)		13,660			(8,664	)
Net earnings (loss) from discontinued operations available to Modine common shareholders		373			(2,970	)		373			(3,008	)
Less: Undistributed earnings attributable to unvested shares		(1	)		-			(1	)		-
Net earnings (loss) from discontinued operations available to Modine common shareholders		372			(2,970	)		372			(3,008	)
Net earnings (loss) available to Modine common shareholders	$	957		$	(16,660	)	$	14,032		$	(11,672	)

Basic Earnings Per Share:
Weighted average shares outstanding - basic		46,477			46,067			46,419			46,053

Earnings (loss) from continuing operations per common share	$	0.01		$	(0.30	)	$	0.29		$	(0.19	)
Net earnings (loss) from discontinued operations per common share		0.01			(0.06	)		0.01			(0.06	)
Net earnings (loss) per common share - basic	$	0.02		$	(0.36	)	$	0.30		$	(0.25	)

	Three months ended September 30						Six months ended September 30
	2011			2010			2011			2010
Diluted:
Earnings (loss) from continuing operations	$	625		$	(13,690	)	$	13,741		$	(8,664	)
Less: Net earnings attributable to noncontrolling interest		(38	)		-			(29	)		-
Earnings (loss) from continuing operations attributable to Modine		587			(13,690	)		13,712			(8,664	)
Less: Undistributed earnings attributable to unvested shares		(2	)		-			(36	)		-
Net earnings (loss) from continuing operations available to Modine common shareholders		585			(13,690	)		13,676			(8,664	)
Net earnings (loss) from discontinued operations available to Modine common shareholders		373			(2,970	)		373			(3,008	)
Less: Undistributed earnings attributable to unvested shares		(1	)		-			(1	)		-
Net earnings (loss) from discontinued operations available to Modine common shareholders		372			(2,970	)		372			(3,008	)
Net earnings (loss) available to Modine common shareholders	$	957		$	(16,660	)	$	14,048		$	(11,672	)

Diluted Earnings Per Share:
Weighted average shares outstanding - basic		46,477			46,067			46,419			46,053
Effect of dilutive securities		381			-			500			-
Weighted average shares outstanding - diluted		46,858			46,067			46,919			46,053

Earnings (loss) from continuing operations per common share	$	0.01		$	(0.30	)	$	0.29		$	(0.19	)
Net earnings (loss) from discontinued operations per common share		0.01			(0.06	)		0.01			(0.06	)
Net earnings (loss) per common share - diluted	$	0.02		$	(0.36	)	$	0.30		$	(0.25	)

For the three and six months ended September 30, 2011, the calculation of diluted earnings per share excludes 1,497 stock options and 189 shares of restricted stock as these shares were anti-dilutive. For the three and six months ended September 30, 2010, the calculation of diluted earnings per share excludes 1,954 stock options and 29 shares of restricted stock as these shares were anti-dilutive.