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

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, restricted and unrestricted shares 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 September 30,

 

 

Nine months ended September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Basic weighted-average shares outstanding

 

57,304,763

 

 

 

56,600,866

 

 

 

57,040,166

 

 

 

57,464,763

 

Dilutive shares

 

563,540

 

 

 

514,748

 

 

 

535,139

 

 

 

735,445

 

Total diluted weighted-average shares outstanding

 

57,867,303

 

 

 

57,115,614

 

 

 

57,575,305

 

 

 

58,200,208

 

 

 

Options to purchase 1,203,324 and 2,364,392 share were excluded in the three months and nine months ended September 30, 2014, because they would have been anti-dilutive.  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.