Quarterly report pursuant to Section 13 or 15(d)

Per Share Data and Stockholders' Equity

v2.4.0.6
Per Share Data and Stockholders' Equity
 9 Months Ended
Sep. 30, 2011
Per Share Data and Stockholders' Equity [Abstract]  
Per Share Data and Stockholders' Equity

7. Per Share Data and Stockholders’ Equity

The calculation of diluted earnings per share considers the potential dilutive effect of Sonic’s contingently convertible debt issuances and stock options to purchase shares of Class A common stock under several equity compensation plans. The following table illustrates the dilutive effect of such items on earnings per share for the third quarter and nine-month periods ended September 30, 2011 and 2010:

 

                                                         
    For the Third Quarter Ended September 30, 2011  
          Income
From Continuing
Operations 		    Income
From Discontinued
Operations 		    Net Income  
               
    Weighted
Average  Shares 		    Amount     Per
Share Amount 		    Amount     Per
Share Amount 		    Amount     Per
Share Amount 		 
    (In thousands, except per share amounts)  

Earnings and shares

     52,366       $ 19,333               $ 68               $ 19,401            

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

     —         (253)                —                 (253)           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings and shares

     52,366       $ 19,080       $ 0.36       $ 68       $ 0.01       $ 19,148       $ 0.37    

Effect of dilutive securities:

                                                        

Contingently convertible debt ( 5.0% Convertible Notes)

     12,590         2,366                 —                 2,366            

Stock compensation plans

     561                                                    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings and shares

     65,517       $ 21,446       $ 0.33       $ 68       $ —       $ 21,514       $ 0.33    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   
    For the Third Quarter Ended September 30, 2010  
          Income
From Continuing
Operations 		    Loss
From Discontinued
Operations 		    Net Income  
               
    Weighted
Average Shares		     Amount     Per
Share Amount 		    Amount     Per
Share Amount 		    Amount     Per
Share Amount 		 
    (In thousands, except per share amounts)  

Earnings (loss) and shares

     52,311       $ 13,949               $ (964)              $ 12,985            

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

     —         (137)                —                 (137)           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,311       $ 13,812       $ 0.26       $ (964)      $ (0.01)      $ 12,848       $ 0.25    

Effect of dilutive securities:

                                                        

Contingently convertible debt ( 5.0% Convertible Notes)

     12,890         2,498                 16                 2,514            

Stock compensation plans

     650                                                    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     65,851       $ 16,310       $ 0.25       $ (948)      $ (0.02)      $ 15,362       $ 0.23    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

                                                         
    For the Nine Months Ended September 30, 2011  
          Income
From Continuing
Operations 		    Loss
From Discontinued
Operations 		    Net Income  
    Weighted
Average
  Shares  		       Amount       Per
Share Amount 		      Amount       Per
Share Amount 		      Amount       Per
Share Amount 		 
    (In thousands, except per share amounts)  

Earnings (loss) and shares

     52,414       $ 57,275               $ (1,559)              $ 55,716            

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

     —         (744)                —                 (744)           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,414       $ 56,531       $ 1.08       $ (1,559)      $ (0.03)      $ 54,972       $ 1.05    

Effect of dilutive securities:

                                                        

Contingently convertible debt ( 5.0% Convertible Notes)

     12,789         6,970                 —                6,970            

Stock compensation plans

     597                                                    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     65,800       $ 63,501       $ 0.97       $ (1,559)      $ (0.03)      $ 61,942       $ 0.94    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   
    For the Nine Months Ended September 30, 2010  
          Income
From Continuing
Operations 		    Loss
From Discontinued
Operations 		    Net Income  
    Weighted
Average
  Shares  		       Amount       Per
Share Amount 		      Amount       Per
Share Amount 		      Amount       Per
Share Amount 		 
    (In thousands, except per share amounts)  

Earnings (loss) and shares

     52,151       $ 30,107               $ (4,532)              $ 25,575            

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

     —         (295)                —                 (295)           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,151       $ 29,812       $ 0.57       $ (4,532)      $ (0.09)      $ 25,280       $ 0.48    

Effect of dilutive securities:

                                                        

Contingently convertible debt ( 5.0% Convertible Notes)

     12,890         6,709                 28                 6,737            

Stock compensation plans

     670                                                    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     65,711       $ 36,521       $ 0.56       $ (4,504)      $ (0.07)      $ 32,017       $ 0.49    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In addition to the stock options included in the table above, options to purchase approximately 2.1 million shares and 2.3 million shares of Class A common stock were outstanding at September 30, 2011 and September 30, 2010, respectively, but were not included in the computation of diluted earnings per share because the options were not dilutive. In addition, in the event the effect of potentially dilutive shares associated with any of Sonic’s convertible notes were anti-dilutive, the effect of those shares have also been excluded from the computation of diluted earnings per share.