Quarterly report pursuant to Section 13 or 15(d)

Per Share Data and Stockholders' Equity

v2.4.0.8
Per Share Data and Stockholders' Equity
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [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 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 third quarter and nine-month periods ended September 30, 2013 and 2012:

 

     Third Quarter Ended September 30, 2013  
            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

      52,553       $ 24,702         $ (1,375 )      $ 23,327     

Effect of participating securities:

                 

Non-vested restricted stock and stock units

         (172 )         —            (172 )   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

      52,553       $ 24,530      $ 0.47       $ (1,375 )    $ (0.03 )    $ 23,155      $ 0.44   

Effect of dilutive securities:

                 

Stock compensation plans

      365                 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

      52,918       $ 24,530      $ 0.46       $ (1,375 )    $ (0.02 )    $ 23,155      $ 0.44   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

     Third Quarter Ended September 30, 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

      55,069       $ 12,326         $ (2,284 )      $ 10,042     

Effect of participating securities:

                 

Non-vested restricted stock and stock units

         (182 )         —            (182 )   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

      55,069       $ 12,144      $ 0.22       $ (2,284 )    $ (0.04 )    $ 9,860      $ 0.18   

Effect of dilutive securities:

                 

Contingently convertible debt (5.0% Convertible Notes)

      3,534         618           2          620     

Stock compensation plans

      408                 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

      59,011       $ 12,762      $ 0.22       $ (2,282 )    $ (0.04 )    $ 10,480      $ 0.18   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

     Nine Months Ended September 30, 2013  
            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

      52,578       $ 55,117         $ (1,582 )      $ 53,535     

Effect of participating securities:

                 

Non-vested restricted stock and stock units

         (393 )         —            (393 )   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

      52,578       $ 54,724      $ 1.04       $ (1,582 )    $ (0.03 )    $ 53,142      $ 1.01   

Effect of dilutive securities:

                 

Stock compensation plans

      352                 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

      52,930       $ 54,724      $ 1.03       $ (1,582 )    $ (0.03 )    $ 53,142      $ 1.00   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

     Nine Months Ended September 30, 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

      53,302       $ 62,470         $ (3,751 )      $ 58,719     

Effect of participating securities:

                 

Non-vested restricted stock and stock units

         (949 )         —            (949 )   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) and shares

      53,302       $ 61,521      $ 1.15       $ (3,751 )    $ (0.07 )    $ 57,770      $ 1.08   

Effect of dilutive securities:

                 

Contingently convertible debt (5.0% Convertible Notes)

      8,563         4,599           82          4,681     

Stock compensation plans

      435                 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) and shares

      62,300       $ 66,120      $ 1.06       $ (3,669 )    $ (0.06 )    $ 62,451      $ 1.00   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

In addition to the stock options included in the table above, options to purchase approximately 0.9 million shares and 1.3 million shares of Class A common stock were outstanding at September 30, 2013 and September 30, 2012, respectively, but were not included in the computation of diluted earnings per share because the options were not dilutive.