|
NOTE J — EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per share:
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30 |
|
June 30 |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
($ thousands, except share and per share data) |
|
|
Basic earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Arkansas Best Corporation |
|
$ |
11,841 |
|
$ |
5,298 |
|
$ |
(6,321 |
) |
$ |
(7,510 |
) |
|
Effect of unvested restricted stock awards |
|
(549 |
) |
(213 |
) |
(75 |
) |
(60 |
) |
|
Adjusted net income (loss) |
|
$ |
11,292 |
|
$ |
5,085 |
|
$ |
(6,396 |
) |
$ |
(7,570 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares |
|
25,544,455 |
|
25,411,339 |
|
25,496,871 |
|
25,358,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share |
|
$ |
0.44 |
|
$ |
0.20 |
|
$ |
(0.25 |
) |
$ |
(0.30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Arkansas Best Corporation |
|
$ |
11,841 |
|
$ |
5,298 |
|
$ |
(6,321 |
) |
$ |
(7,510 |
) |
|
Effect of unvested restricted stock awards |
|
(549 |
) |
(213 |
) |
(75 |
) |
(60 |
) |
|
Adjusted net income (loss) |
|
$ |
11,292 |
|
$ |
5,085 |
|
$ |
(6,396 |
) |
$ |
(7,570 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares |
|
25,544,455 |
|
25,411,339 |
|
25,496,871 |
|
25,358,130 |
|
|
Effect of dilutive securities |
|
— |
|
603 |
|
— |
|
— |
|
|
Adjusted weighted-average shares and assumed conversions |
|
25,544,455 |
|
25,411,942 |
|
25,496,871 |
|
25,358,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share |
|
$ |
0.44 |
|
$ |
0.20 |
|
$ |
(0.25 |
) |
$ |
(0.30 |
) |
Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock and restricted stock units, which are considered participating securities. For each of the three-month periods ended June 30, 2012 and 2011, outstanding stock awards of 0.9 million were not included in the diluted earnings per share calculations because their inclusion would have the effect of increasing the earnings per share. For the six months ended June 30, 2012 and 2011, outstanding stock awards of 0.8 million and 0.9 million, respectively, were not included in the diluted earnings per share calculations because their inclusion would have the effect of decreasing the loss per share. |