Earnings per Common Share
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Jun. 30, 2012
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Earnings per Common Share |
Note 6 – Earnings per Common Share
Basic earnings per common share is calculated by dividing Net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated similarly, except that the calculation includes the dilutive effect of SARs and stock options (collectively “options”), non-vested stock awards and performance awards.
Basic and diluted earnings per common share for the three months and six months ended June 30, 2012, and for the comparable periods ended July 2, 2011, were calculated as follows:
As of June 30, 2012, the Company had 8.8 million options outstanding, of which 6.0 million were exercisable. This compares with 9.4 million options outstanding, of which 4.9 million were exercisable, as of July 2, 2011. During both the three months and six months ended June 30, 2012, there were 2.3 million weighted average shares of options outstanding for which the exercise price, based on the average price, was greater than the average market price of the Company’s shares for the period then ended. These options were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. This compares to 3.0 million and 2.8 million anti-dilutive weighted average shares of options outstanding that were excluded from the corresponding periods ended July 2, 2011.
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