7. Per Share Data and Stockholders’ Equity
The calculation of diluted earnings per share considers the potential dilutive effect of options and shares under Sonic’s stock compensation plans. Certain of Sonic’s non-vested restricted stock awards contain rights to receive non-forfeitable dividends and, thus, are considered participating securities and are included in the two-class method of computing earnings per share. The following table illustrates the dilutive effect of such items on earnings per share for the three months ended March 31, 2016 and 2015:
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Three Months Ended March 31, 2016
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Income (Loss)
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Income (Loss)
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From Continuing
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From Discontinued
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Net
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Operations
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Operations
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Income (Loss)
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Weighted
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Per
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Per
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Per
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Average
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Share
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Share
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Share
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Shares
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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(In thousands, except per share amounts)
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Earnings (loss) and shares
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46,950
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$
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14,464
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$
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160
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$
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14,624
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Effect of participating securities:
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Non-vested restricted stock
and restricted stock units
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(6
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)
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-
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(6
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)
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Basic earnings (loss) and shares
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46,950
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$
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14,458
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$
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0.31
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$
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160
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$
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-
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$
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14,618
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$
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0.31
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Effect of dilutive securities:
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Stock compensation plans
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172
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Diluted earnings (loss) and shares
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47,122
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$
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14,458
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$
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0.31
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$
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160
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$
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-
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$
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14,618
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$
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0.31
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Three Months Ended March 31, 2015
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Income (Loss)
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Income (Loss)
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From Continuing
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From Discontinued
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Net
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Operations
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Operations
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Income (Loss)
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Weighted
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Per
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Per
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Per
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Average
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Share
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Share
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Share
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Shares
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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(In thousands, except per share amounts)
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Earnings (loss) and shares
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50,854
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$
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14,389
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$
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(422
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$
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13,967
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Effect of participating securities:
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Non-vested restricted stock
and restricted stock units
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(5
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)
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-
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(5
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)
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Basic earnings (loss) and shares
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50,854
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$
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14,384
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$
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0.28
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$
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(422
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)
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$
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(0.01
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$
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13,962
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$
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0.27
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Effect of dilutive securities:
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Stock compensation plans
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549
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Diluted earnings (loss) and shares
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51,403
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$
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14,384
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$
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0.28
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$
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(422
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)
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$
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(0.01
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)
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$
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13,962
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$
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0.27
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In addition to the stock options included in the tables above, options to purchase approximately 0.4 million shares of Sonic’s Class A common stock were outstanding at March 31, 2016 and 2015, but were not included in the computation of diluted earnings per share because the options were not dilutive.
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