Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

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Net Income Per Share
 6 Months Ended
Jun. 30, 2015
Net Income per Share  
Net Income Per Share

 

(8)Net Income Per Share

 

Basic net income per common share (“Basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.

 

Following is a reconciliation of the numerator and denominator of Basic EPS to the numerator and denominator of Diluted EPS for the three and six months ended June 30, 2015 and 2014:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Net income:

 

 

 

 

 

 

 

 

 

Net income from continued operations

 

$
2,395

 

$
3,550

 

$
6,598

 

$
13,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

—

 

$
(316

)

$
1,312

 

$
(887

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$
2,561

 

$
3,234

 

$
8,228

 

$
12,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding 

 
18,720

 
16,187

 
18,671

 
16,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

 

 

Net income from continued operations

 

$
0.13

 

$
0.22

 

$
0.35

 

$
0.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

—

 

$
(0.02

)

$
0.07

 

$
(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$
0.14

 

$
0.20

 

$
0.44

 

$
0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding:

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 
18,720

 
16,187

 
18,671

 
16,183

 

Stock options and restricted stock units

 
524

 
37

 
486

 
209

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 
19,244

 
16,224

 
19,157

 
16,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

 

 

Net income from continued operations

 

$
0.12

 

$
0.22

 

$
0.34

 

$
0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

—

 

$
(0.02

)

$
0.07

 

$
(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$
0.13

 

$
0.20

 

$
0.43

 

$
0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Potentially dilutive shares excluded from diluted per share amounts

 
348

 
133

 
348

 
133

 

 

 

 

 

 

 

 

 

 

 

Potentially anti-dilutive shares excluded from diluted per share amounts

 
691

 
653

 
641

 
468

 

 

Potentially dilutive shares excluded from diluted-per-share amounts include performance-based options to purchase shares of common stock for which certain earnings metrics have not been achieved. Potentially anti-dilutive shares excluded from diluted-per-share amounts include both non-qualified stock options and unearned performance-based options to purchase shares of common stock with exercise prices greater than the weighted-average share price during the period and shares that would be anti-dilutive to the computation of diluted net income per share for each of the periods presented.