Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.8
Earnings Per Share
9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 11.  EARNINGS PER SHARE

 

Basic earnings (loss) per share is computed by dividing earnings by the weighted average number of common shares outstanding during each period.  Diluted earnings per share is computed by dividing earnings by the total of the weighted average number of shares of common stock outstanding during each period, plus the effect of dilutive outstanding stock options and unvested restricted stock grants.  Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is anti-dilutive to loss from continuing operations.

 

The following table is a reconciliation of basic and diluted shares of common stock outstanding used in the calculation of earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 2014

 

September 30, 2013

 

September 30, 2014

 

September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

32,585 

 

 

32,023 

 

 

32,525 

 

 

31,875 

Effect of dilutive stock awards

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Weighted average shares outstanding - diluted

 

 

32,585 

 

 

32,023 

 

 

32,525 

 

 

31,875 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01)

 

$

(0.11)

 

$

(0.25)

 

$

(0.37)

Diluted

 

 

(0.01)

 

 

(0.11)

 

 

(0.25)

 

 

(0.37)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.64 

 

$

0.07 

 

$

0.69 

 

$

0.16 

Diluted

 

 

0.64 

 

 

0.07 

 

 

0.69 

 

 

0.16 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.63 

 

$

(0.04)

 

$

0.43 

 

$

(0.21)

Diluted

 

 

0.63 

 

 

(0.04)

 

 

0.43 

 

 

(0.21)

 

 

 

For the three and nine months ended September 30, 2014, basic loss from continuing operations per share, income from discontinued operations per share, and net income per share were the same as diluted loss from continuing operations per share, income from discontinued operations per share, and net income per share, respectively, because all potentially dilutive securities were anti-dilutive due to the loss from continuing operations for the period.  For the three and nine months ended September 30, 2014, options to purchase 1,486 and 2,138 shares of common stock, respectively, and 45 and 25 shares of restricted stock, respectively, were outstanding and anti-dilutive due to the loss from continuing operations for the three and nine months ended September 30, 2014.  Additionally, options to purchase 1,659 and 897 shares of common stock and 12 and 4 shares of restricted stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three and nine months ended September 30, 2014, respectively, and 503 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met.

 

For the three and nine months ended September 30, 2013, basic loss from continuing operations per share, income from discontinued operations per share, and net loss per share were the same as diluted loss from continuing operations per share, income from discontinued operations per share, and net loss per share, respectively, because all potentially dilutive securities were anti-dilutive due to the loss from continuing operations for the period.  For the three and nine months ended September 30, 2013, options to purchase 2,294 and 1,845 shares of common stock, respectively, and 18 and 6 shares of restricted stock, respectively, were outstanding and anti-dilutive due to the loss from continuing operations for the period.  Additionally, options to purchase 449 and 834 shares of common stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three and nine months ended September 30, 2013, respectively, and 572 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met.