Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.8
Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share

2.       EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. Diluted EPS assumes the exercise of all stock options having exercise prices less than the average market price of the common stock using the treasury stock method.

Diluted shares consist of the following:

 

 

Three months ended

 

  

Nine months ended

 

 

September 30,
2013

 

  

September 30,
2012

 

  

September 30,
2013

 

  

September 30,
2012

 

Basic weighted average common
stock issued and outstanding             

 

  56,600,866

  

  

 

  57,845,800

  

  

 

  57,464,763

  

  

 

  57,613,624

  

Dilutive options             

 

  514,748

  

  

 

  1,101,371

  

  

 

  735,445

  

  

 

  1,171,015

  

Total dilutive shares             

 

  57,115,614

  

  

 

  58,947,171

  

  

 

  58,200,208

  

  

 

  58,784,639

  

Options to purchase 3,204,865 and 2,134,300 shares were excluded in the three months and nine months ended September 30, 2013, respectively, because they would have been anti-dilutive. Options to purchase 1,018,900 and 1,018,900 shares were excluded in the three months and nine months ended September 30, 2012, respectively, because they would have been anti-dilutive.