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
 3 Months Ended
Mar. 31, 2012
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 options and shares under Sonic’s stock compensation plans, Class A common stock purchase warrants and the 5.0% Convertible Notes. Sonic’s non-vested restricted stock and restricted stock units 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 first quarters ended March 31, 2012 and 2011:

 

                                                         
    First Quarter Ended March 31, 2012  
          Income (Loss)
From
Continuing
Operations 		    Income (Loss)
From
Discontinued
Operations 		    Net Income (Loss)  
               
    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

     52,224       $ 19,466               $ 1,032               $ 20,498            

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

             (303)                —                 (303)           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,224       $ 19,163       $ 0.37       $ 1,032       $ 0.02       $ 20,195       $ 0.39    

Effect of dilutive securities:

                                                        

Contingently convertible debt (5.0% Convertible Notes)

     11,676         2,167                 5                 2,172            

Stock compensation plans

     520                                                    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     64,420       $ 21,330       $ 0.33       $ 1,037       $ 0.02       $ 22,367       $ 0.35    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   
    First Quarter Ended March 31, 2011  
          Income (Loss)
From
Continuing
Operations 		    Income (Loss)
From
Discontinued
Operations 		    Net Income (Loss)  
               
    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

     52,416       $ 15,684               $ (720)              $ 14,964            

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

             (205)                —                 (205)           
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,416       $ 15,479       $ 0.30       $ (720)      $ (0.02)      $ 14,759       $ 0.28    

Effect of dilutive securities:

                                                        

Contingently convertible debt (5.0% Convertible Notes)

     12,890         2,296                 14                 2,310            

Stock compensation plans

     644                                                    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     65,950       $ 17,775       $ 0.27       $ (706)      $ (0.01)      $ 17,069       $ 0.26    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In addition to the stock options included in the table above, options to purchase approximately 1.6 million shares and 2.3 million shares of Class A common stock were outstanding at March 31, 2012 and March 31, 2011, respectively, but were not included in the computation of diluted earnings per share because the options were not dilutive.