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Earnings per Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
Earnings Per Share
The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and six months ended June 30, 2018 and 2017:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
(In thousands, except per share amounts)
 
2018
 
2017
 
2018
 
2017
NUMERATOR
 
 
 
 
 
 
 
 
Net income
 
$
27,911

 
$
16,989

 
$
45,974

 
$
33,872

Preferred stock dividends (a)
 

 
(1,219
)
 

 
(2,438
)
Net income available to common shareholders
 
27,911

 
15,770

 
45,974

 
31,434

Interest on 3.25% convertible senior subordinated notes due 2017 (b)
 

 
391

 

 
782

Interest on 3.00% convertible senior subordinated notes due 2018 (c)
 

 
527

 
409

 
1,055

Diluted income available to common shareholders
 
$
27,911

 
$
16,688

 
$
46,383

 
$
33,271

DENOMINATOR
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
28,571

 
24,990

 
28,349

 
24,864

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock option awards
 
353

 
335

 
409

 
330

Deferred compensation awards
 
177

 
209

 
194

 
192

3.25% convertible senior subordinated notes due 2017 (b)
 

 
2,416

 

 
2,416

3.00% convertible senior subordinated notes due 2018 (c)
 

 
2,669

 
866

 
2,669

Diluted weighted average shares outstanding - adjusted for assumed conversions
 
29,101

 
30,619

 
29,818

 
30,471

Earnings per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.98

 
$
0.63

 
$
1.62

 
$
1.26

Diluted
 
$
0.96

 
$
0.55

 
$
1.56

 
$
1.09

Anti-dilutive equity awards not included in the calculation of diluted earnings per common share
 
434

 

 
326

 
47


(a)
The Company’s Articles of Incorporation authorize the issuance of up to 2,000,000 preferred shares, par value $.01 per share.  On March 15, 2007, the Company issued 4,000,000 depositary shares, each representing 1/1000th of a 9.75% Series A Preferred Share of the Company (the “Series A Preferred Shares”), or 4,000 Series A Preferred Shares in the aggregate.  On April 10, 2013, the Company redeemed 2,000 of its Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. On October 16, 2017, the Company redeemed the remaining 2,000 outstanding Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. The Company declared and paid a quarterly cash dividend of $609.375 per share on its then outstanding Series A Preferred Shares in both the first and second quarter of 2017, for an aggregate dividend payment on the Series A Preferred Shares of $1.2 million and $2.4 million in the three and six months ended June 30, 2017, respectively.
(b)
On September 11, 2012, the Company issued $57.5 million in aggregate principal amount of 3.25% Convertible Senior Subordinated Notes due 2017 (the “2017 Convertible Senior Subordinated Notes”). The 2017 Convertible Senior Subordinated Notes were scheduled to mature on September 15, 2017 and the deadline for holders to convert the 2017 Convertible Senior Subordinated Notes was September 13, 2017. As a result of conversion elections made by holders of the 2017 Convertible Senior Subordinated Notes, all $57.5 million in aggregate principal amount of the 2017 Convertible Senior Subordinated Notes were converted and settled through the issuance of our common shares. In total, we issued approximately 2.4 million common shares (at a conversion price per common share of $23.80).
(c)
On March 1, 2013, the Company issued $86.3 million in aggregate principal amount of 2018 Convertible Senior Subordinated Notes. The 2018 Convertible Senior Subordinated Notes were scheduled to mature on March 1, 2018 and the deadline for holders to convert the 2018 Convertible Senior Subordinated Notes was February 27, 2018. As a result of conversion elections made by holders of the 2018 Convertible Senior Subordinated Notes, (1) approximately $20.3 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes were converted and settled through the issuance of approximately 0.629 million of our common shares (at a conversion price per common share of $32.31) and (2) the Company repaid in cash approximately $65.9 million in aggregate principal amount of the 2018 Convertible Senor Subordinated Notes at maturity.
For the six months ended June 30, 2018 and the three and six months ended June 30, 2017, the effect of our convertible debt then outstanding was included in the diluted earnings per share calculations.