|
2. SHAREHOLDERS’ EQUITY:
Net (Loss) Income Per Share:
The Company’s basic earnings per share is calculated as net (loss) income divided by weighted average common shares outstanding, excluding unvested outstanding RSAs and RSUs. The Company’s dilutive earnings per share is calculated as net (loss) income divided by weighted average common shares and common share equivalents outstanding, which includes shares issuable under the Company’s stock option plan and long-term incentive plan, and dilutive securities. Stock-based awards with exercise prices greater than the average market value of the Company’s common stock are excluded from the computation of diluted earnings per share. The Company’s dilutive earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive, along with the exclusion of interest expense, net of taxes. The impact of the convertible debt is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.
The following table sets forth a reconciliation of shares used in the computation of basic and diluted earnings per share:
|
|
|
For the Periods Ended March 31, |
|
|
|
|
Three Months |
|
Nine Months |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
(Shares in thousands) |
|
|
Weighted average shares for basic earnings per share |
|
57,053 |
|
56,704 |
|
57,029 |
|
56,672 |
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
Dilutive effect of stock-based compensation (1) |
|
— |
|
— |
|
— |
|
287 |
|
|
Weighted average shares for diluted earnings per share |
|
57,053 |
|
56,704 |
|
57,029 |
|
56,959 |
|
(1) For the three months ended March 31, 2012 and 2011, 237 and 355 common stock equivalents of potentially dilutive common stock, respectively, were not included in the diluted earnings per share calculation because to do so would have been anti-dilutive. For the nine months ended March 31, 2012, 206 common stock equivalents of potentially dilutive common stock were not included in the diluted earnings per share calculation because to do so would have been anti-dilutive.
The following table sets forth the awards which are excluded from the various earnings per share calculations:
|
|
|
For the Periods Ended March 31, |
|
|
|
|
Three Months |
|
Nine Months |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
(Shares in thousands) |
|
(Shares in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
RSAs (1) |
|
669 |
|
872 |
|
669 |
|
872 |
|
|
RSUs (1) |
|
50 |
|
215 |
|
50 |
|
215 |
|
|
|
|
719 |
|
1,087 |
|
719 |
|
1,087 |
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
Stock options (2) |
|
791 |
|
889 |
|
791 |
|
889 |
|
|
SARs (2) |
|
900 |
|
1,039 |
|
901 |
|
1,039 |
|
|
RSAs (2) |
|
6 |
|
— |
|
29 |
|
104 |
|
|
Shares issuable upon conversion of debt (2) |
|
11,217 |
|
11,158 |
|
11,201 |
|
11,158 |
|
|
|
|
12,914 |
|
13,086 |
|
12,922 |
|
13,190 |
|
(1) Shares were not vested
(2) Shares were anti-dilutive
Additional Paid-In Capital:
The change in additional paid-in capital during the nine months ended March 31, 2012 was due to the following:
|
|
|
(Dollars in
thousands) |
|
|
Balance, June 30, 2011 |
|
$ |
341,190 |
|
|
Stock-based compensation |
|
6,065 |
|
|
Taxes, forfeitures and issuances of restricted stock, net |
|
(309 |
) |
|
Vested stock option and stock appreciation rights expirations |
|
(264 |
) |
|
Franchise stock incentive plan |
|
251 |
|
|
Balance, March 31, 2012 |
|
$ |
346,933 |
|
Comprehensive Income (Loss):
Components of comprehensive income (loss) for the Company include net (loss) income, changes in fair market value of financial instruments designated as hedges of interest rate or foreign currency exposure and foreign currency translation charged or credited to the cumulative translation account within shareholders’ equity. Comprehensive income (loss) for the three and nine months ended March 31, 2012 and 2011 was as follows:
|
|
|
For the Periods Ended March 31, |
|
|
|
|
Three Months |
|
Nine Months |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
(Dollars in thousands) |
|
|
Net (loss) income |
|
$ |
(1,369 |
) |
$ |
(25,335 |
) |
$ |
(50,459 |
) |
$ |
7,490 |
|
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
Changes in fair market value of financial instruments designated as cash flow hedges, net of taxes |
|
(16 |
) |
40 |
|
341 |
|
(55 |
) |
|
Change in cumulative foreign currency translation |
|
6,967 |
|
10,903 |
|
(15,675 |
) |
28,455 |
|
|
Total comprehensive income (loss) |
|
$ |
5,582 |
|
$ |
(14,392 |
) |
$ |
(65,793 |
) |
$ |
35,890 |
| |