• Filing Date: 2015-03-10
  • Form Type: 10-K
  • Description: Annual report
v2.4.1.9
Earnings Per Share
12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

Note 13 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted earnings per share during periods of net income.

 

A summary of the numerator and denominator of the basic and fully diluted earnings per common share is presented below:

 

     Income
(Numerator)
     Shares
(Denominator)
     Per Share
Amount
 
Year Ended December 31, 2014         

Net income

   $ 62,664         

Less: Preferred stock dividends

     4         

Less: Income attributable to participating securities

     (4,318      
  

 

 

       

Basic Earnings Per Share:

Income allocated to common stockholders

  58,350      9,888    $ 5.90   
        

 

 

 

Effect of Dilutive Securities:

Stock options

  —        137   

Convertible preferred stock

  (4   20   

Convertible senior notes

  4,343      1,649   
  

 

 

    

 

 

    

Diluted Earnings Per Share:

Income available to common stockholders and assumed conversions

$ 62,689      11,694    $ 5.36   
  

 

 

    

 

 

    

 

 

 
Year Ended December 31, 2013

Net income

$ 65,562   

Less: Preferred stock dividends

  (104

Less: Income attributable to participating securities

  (3,213
  

 

 

       

Basic Earnings Per Share:

Income allocated to common stockholders

  62,245      10,691    $ 5.82   
        

 

 

 

Effect of Dilutive Securities:

Stock options

  —        163   

Convertible preferred stock

  104      178   

Convertible senior notes

  237      90   
  

 

 

    

 

 

    

Diluted Earnings Per Share:

Income available to common stockholders and assumed conversions

$ 62,586      11,122    $ 5.63   
  

 

 

    

 

 

    

 

 

 
Year Ended December 31, 2012

Net income

$ 30,157   

Less: Preferred stock dividends

  (322

Less: Income attributable to participating securities

  (488
  

 

 

       

Basic Earnings Per Share:

Income available to common stockholders

  29,347      8,497    $ 3.45   
        

 

 

 

Effect of Dilutive Securities:

Stock options

  —        220   

Convertible preferred stock

  322      655   

Warrants

  —        441   
  

 

 

    

 

 

    

Diluted Earnings Per Share:

Income available to common stockholders and assumed conversions

$ 29,669      9,813    $ 3.02