Earnings Per Common Share of SEACOR

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share of SEACOR

EARNINGS PER COMMON SHARE OF SEACOR

Basic earnings per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the treasury stock and if-converted methods. Dilutive securities for this purpose assumes restricted stock grants have vested, common shares have been issued pursuant to the exercise of outstanding stock options and common shares have been issued pursuant to the conversion of all outstanding convertible notes.

Computations of basic and diluted earnings per common share of SEACOR were as follows (in thousands, except share data):

	Three Months Ended September 30,					Nine Months Ended September 30,
	Net Income Attributable to SEACOR		Average O/S Shares	Per Share		Net Income Attributable to SEACOR		Average O/S Shares	Per Share
2014
Basic Weighted Average Common Shares Outstanding	$	27,463	19,196,121	$	1.43	$	60,039	19,761,620	$	3.04
Effect of Dilutive Share Awards:
Options and Restricted Stock(1)	—		405,770			—		412,773
Convertible Notes(2)	5,320		6,025,851			9,481		4,200,525
Diluted Weighted Average Common Shares Outstanding	$	32,783	25,627,742	$	1.28	$	69,520	24,374,918	$	2.85
2013
Basic Weighted Average Common Shares Outstanding	$	30,291	19,964,695	$	1.52	$	28,574	19,843,778	$	1.44
Effect of Dilutive Share Awards:
Options and Restricted Stock(1)	—		436,364			—		354,671
Convertible Notes(3)	3,086		4,200,525			—		—
Diluted Weighted Average Common Shares Outstanding	$	33,377	24,601,584	$	1.36	$	28,574	20,198,449	$	1.41

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(1) For the three months ended September 30, 2014 and 2013, diluted earnings per common share of SEACOR excluded 457,651 and 115,832 of certain share awards, respectively, as the effect of their inclusion in the computation would be anti-dilutive. For the nine months ended September 30, 2014 and 2013, diluted earnings per common share of SEACOR excluded 330,918 and 303,313 of certain share awards, respectively, as the effect of their inclusion in the computation would be anti-dilutive.

(2) For the nine months ended September 30, 2014, diluted earnings per common share of SEACOR excluded 1,825,326 common shares issuable pursuant to the Company's 3.0% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.

(3) For the nine months ended September 30, 2013, diluted earnings per common share of SEACOR excluded 4,200,525 common shares issuable pursuant to the Company's 2.5% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.