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
 6 Months Ended
Jun. 30, 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 second quarter and six-month periods ended June 30, 2012 and 2011:

 

                                                         
    Second Quarter Ended June 30, 2012  
          Income (Loss)
From Continuing
Operations 		    Income (Loss)
From Discontinued
Operations		     Net Income (Loss)  
    Weighted           Per           Per           Per  
    Average           Share           Share           Share  
    Shares     Amount     Amount     Amount     Amount     Amount     Amount  
    (In thousands, except per share amounts)  
               

Earnings (loss) and shares

     52,593     $ 27,533             $ 646             $ 28,179          

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

             (429 )              —                 (429 )         
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,593     $ 27,104     $ 0.52     $ 646     $ 0.01     $ 27,750     $ 0.53  

Effect of dilutive securities:

                                                        

Contingently convertible debt (5.0% Convertible Notes)

     10,535       1,889               —                 1,889          

Stock compensation plans

     378                                                  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     63,506     $ 28,993     $ 0.46     $ 646     $ 0.01     $ 29,639     $ 0.47  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                                                         
    Second Quarter Ended June 30, 2011  
          Income (Loss)
From Continuing
Operations 		    Income (Loss)
From Discontinued
Operations		     Net Income (Loss)  
    Weighted           Per           Per           Per  
    Average           Share           Share           Share  
    Shares     Amount     Amount     Amount     Amount     Amount     Amount  
    (In thousands, except per share amounts)  
               

Earnings (loss) and shares

     52,461     $ 22,994             $ (1,643 )            $ 21,351          

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

             (302 )              —                 (302 )         
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,461     $ 22,692     $ 0.43     $ (1,643 )    $ (0.03 )    $ 21,049     $ 0.40  

Effect of dilutive securities:

                                                        

Contingently convertible debt (5.0% Convertible Notes)

     12,890       2,280               14               2,294          

Stock compensation plans

     585                                                  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     65,936     $ 24,972     $ 0.38     $ (1,629 )    $ (0.03 )    $ 23,343     $ 0.35  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                                                         
    Six Months Ended June 30, 2012  
          Income (Loss)
From Continuing
Operations 		    Income (Loss)
From Discontinued
Operations		     Net Income (Loss)  
    Weighted           Per           Per           Per  
    Average           Share           Share           Share  
    Shares     Amount     Amount     Amount     Amount     Amount     Amount  
    (In thousands, except per share amounts)  
               

Earnings (loss) and shares

     52,409     $ 47,001             $ 1,676             $ 48,677          

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

             (729 )              —                 (729 )         
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,409     $ 46,272     $ 0.88     $ 1,676     $ 0.03     $ 47,948     $ 0.91  

Effect of dilutive securities:

                                                        

Contingently convertible debt (5.0% Convertible Notes)

     11,106       4,056               5               4,061          

Stock compensation plans

     448                                                  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     63,963     $ 50,328     $ 0.79     $ 1,681     $ 0.02     $ 52,009     $ 0.81  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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

Earnings (loss) and shares

     52,438     $ 38,679             $ (2,364 )            $ 36,315          

Effect of participating securities:

                                                        

Non-vested restricted stock and stock units

             (508 )              —                 (508 )         
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

     52,438     $ 38,171     $ 0.73     $ (2,364 )    $ (0.05 )    $ 35,807     $ 0.68  

Effect of dilutive securities:

                                                        

Contingently convertible debt (5.0% Convertible Notes)

     12,890       4,576               28               4,604          

Stock compensation plans

     615                                                  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

     65,943     $ 42,747     $ 0.65     $ (2,336 )    $ (0.04 )    $ 40,411     $ 0.61  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In addition to the stock options included in the table above, options to purchase approximately 1.6 million shares and 2.2 million shares of Class A common stock were outstanding at June 30, 2012 and June 30, 2011, respectively, but were not included in the computation of diluted earnings per share because the options were not dilutive.