Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

We calculate earnings per share (“EPS”) under the two-class method by allocating earnings to both common shares and unvested restricted stock which are considered participating securities. However, net losses are not allocated to participating securities for purposes of computing EPS under the two-class method. The following is a reconciliation of net income attributable to Granite and related weighted average shares of common stock outstanding for purposes of calculating basic and diluted net income per share using the two-class method:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2012		2011		2012		2011
Basic
Numerator:
Net income attributable to Granite	$	37,121	$	36,468	$	27,297	$	32,407
Less: net income allocated to participating securities	181		469		184		491
Net income allocated to common shareholders for basic calculation	$	36,940	$	35,999	$	27,113	$	31,916
Denominator:
Weighted average common shares outstanding, basic	38,518		38,172		38,418		38,092
Net income per share, basic	$	0.96	$	0.94	$	0.71	$	0.84
Diluted
Numerator:
Net income attributable to Granite	$	37,121	$	36,468	$	27,297	$	32,407
Less: net income allocated to participating securities	178		462		181		487
Net income allocated to common shareholders for diluted calculation	$	36,943	$	36,006	$	27,116	$	31,920
Denominator:
Weighted average common shares outstanding, diluted	39,141		38,598		39,013		38,428
Net income per share, diluted	$	0.94	$	0.93	$	0.70	$	0.83