| 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 and the 5.0% Convertible Senior Notes due 2029 (the “5.0% Convertible Notes”), which were extinguished in August 2012. Sonic’s non-vested restricted stock and certain of its non-vested 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, 2013 and 2012:
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Second Quarter Ended June 30, 2013 |
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Income (Loss)
From Continuing
Operations |
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Income (Loss)
From Discontinued
Operations |
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Net Income (Loss) |
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Weighted
Average
Shares |
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|
Amount |
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Per
Share
Amount |
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|
Amount |
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Per
Share
Amount |
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|
Amount |
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|
Per
Share
Amount |
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(In thousands, except per share amounts) |
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Earnings (loss) and shares
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52,597 |
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$ |
8,717 |
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$ |
199 |
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$ |
8,916 |
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Effect of participating securities:
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Non-vested restricted stock and stock units
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(71 |
) |
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— |
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(71 |
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Basic earnings (loss) and shares
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52,597 |
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$ |
8,646 |
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$ |
0.16 |
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$ |
199 |
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$ |
0.01 |
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$ |
8,845 |
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$ |
0.17 |
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Effect of dilutive securities:
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Stock compensation plans
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345 |
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Diluted earnings (loss) and shares
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52,942 |
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$ |
8,646 |
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$ |
0.16 |
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|
$ |
199 |
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$ |
0.01 |
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$ |
8,845 |
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$ |
0.17 |
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Second Quarter Ended June 30, 2012 |
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Income (Loss)
From
Continuing
Operations
|
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Income (Loss)
From Discontinued
Operations |
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Net Income (Loss) |
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Weighted
Average
Shares |
|
|
Amount |
|
|
Per
Share
Amount |
|
|
Amount |
|
|
Per
Share
Amount |
|
|
Amount |
|
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Per
Share
Amount |
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(In thousands, except per share amounts) |
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Earnings (loss) and shares
|
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52,593 |
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$ |
28,998 |
|
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$ |
(819 |
) |
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$ |
28,179 |
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Effect of participating securities:
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Non-vested restricted stock and stock units
|
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(452 |
) |
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— |
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(452 |
) |
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Basic earnings (loss) and shares
|
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52,593 |
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$ |
28,546 |
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$ |
0.54 |
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|
$ |
(819 |
) |
|
$ |
(0.01 |
) |
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$ |
27,727 |
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$ |
0.53 |
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Effect of dilutive securities:
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Contingently convertible debt (5.0% Convertible Notes)
|
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10,535 |
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1,856 |
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33 |
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1,889 |
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Stock compensation plans
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378 |
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Diluted earnings (loss) and shares
|
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63,506 |
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$ |
30,402 |
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$ |
0.48 |
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$ |
(786 |
) |
|
$ |
(0.01 |
) |
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$ |
29,616 |
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$ |
0.47 |
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Six Months Ended June 30, 2013 |
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Income (Loss)
From
Continuing
Operations
|
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|
Income (Loss)
From Discontinued
Operations |
|
|
Net Income (Loss) |
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| |
|
Weighted
Average
Shares |
|
|
Amount |
|
|
Per
Share
Amount |
|
|
Amount |
|
|
Per
Share
Amount |
|
|
Amount |
|
|
Per
Share
Amount |
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(In thousands, except per share amounts) |
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Earnings (loss) and shares
|
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52,591 |
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$ |
30,415 |
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$ |
(208 |
) |
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$ |
30,207 |
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Effect of participating securities:
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Non-vested restricted stock and stock units
|
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(237 |
) |
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— |
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(237 |
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Basic earnings (loss) and shares
|
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52,591 |
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$ |
30,178 |
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$ |
0.57 |
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|
$ |
(208 |
) |
|
$ |
— |
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$ |
29,970 |
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$ |
0.57 |
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Effect of dilutive securities:
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Stock compensation plans
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346 |
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Diluted earnings (loss) and shares
|
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52,937 |
|
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$ |
30,178 |
|
|
$ |
0.57 |
|
|
$ |
(208 |
) |
|
$ |
— |
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$ |
29,970 |
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$ |
0.57 |
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Six Months Ended June 30, 2012 |
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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 |
|
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|
(In thousands, except per share amounts) |
|
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Earnings (loss) and shares
|
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52,409 |
|
|
$ |
50,143 |
|
|
|
|
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|
$ |
(1,466 |
) |
|
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$ |
48,677 |
|
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Effect of participating securities:
|
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Non-vested restricted stock and stock units
|
|
|
|
|
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|
(777 |
) |
|
|
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|
— |
|
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|
(777 |
) |
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Basic earnings (loss) and shares
|
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52,409 |
|
|
$ |
49,366 |
|
|
$ |
0.94 |
|
|
$ |
(1,466 |
) |
|
$ |
(0.03 |
) |
|
$ |
47,900 |
|
|
$ |
0.91 |
|
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Effect of dilutive securities:
|
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Contingently convertible debt (5.0% Convertible Notes)
|
|
|
11,106 |
|
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|
3,981 |
|
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|
80 |
|
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|
4,061 |
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Stock compensation plans
|
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|
448 |
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Diluted earnings (loss) and shares
|
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|
63,963 |
|
|
$ |
53,347 |
|
|
$ |
0.83 |
|
|
$ |
(1,386 |
) |
|
$ |
(0.02 |
) |
|
$ |
51,961 |
|
|
$ |
0.81 |
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In addition to the
stock options included in the table above, options to purchase approximately 0.9 million shares and 1.6 million shares of Class A common stock were outstanding at June 30, 2013 and June 30, 2012, respectively, but were not
included in the computation of diluted earnings per share because the options were not dilutive.
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