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. Certain of 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, 2014 and 2013:
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First Quarter Ended March 31,
2014 |
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Income
(Loss) |
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Income
(Loss) |
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From
Continuing |
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From Discontinued
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Operations |
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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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52,418 |
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$ |
19,984 |
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$ |
(598 |
) |
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$ |
19,386 |
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Effect of participating securities:
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Non-vested restricted stock and stock units
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(63 |
) |
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0 |
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(63 |
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Basic earnings (loss) and shares
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52,418 |
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$ |
19,921 |
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$ |
0.38 |
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$ |
(598 |
) |
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$ |
(0.01 |
) |
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$ |
19,323 |
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$ |
0.37 |
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Effect of dilutive securities:
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Stock compensation plans
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528 |
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Diluted earnings (loss) and shares
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52,946 |
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$ |
19,921 |
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$ |
0.38 |
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$ |
(598 |
) |
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$ |
(0.02 |
) |
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$ |
19,323 |
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$ |
0.36 |
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First Quarter Ended March 31,
2013 |
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Income
(Loss) |
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Income
(Loss) |
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From
Continuing |
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From Discontinued
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Operations |
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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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52,586 |
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$ |
21,697 |
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$ |
(406 |
) |
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$ |
21,291 |
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Effect of participating securities:
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Non-vested restricted stock and stock units
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(170 |
) |
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— |
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(170 |
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Basic earnings (loss) and shares
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52,586 |
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$ |
21,527 |
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$ |
0.41 |
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$ |
(406 |
) |
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$ |
(0.01 |
) |
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$ |
21,121 |
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$ |
0.40 |
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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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52,931 |
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$ |
21,527 |
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$ |
0.41 |
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$ |
(406 |
) |
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$ |
(0.01 |
) |
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$ |
21,121 |
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$ |
0.40 |
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In addition to the stock options included in the table above,
options to purchase approximately 0.6 million shares and
0.9 million shares of Class A common stock were
outstanding during the quarters ended March 31, 2014 and 2013,
respectively, but were not included in the computation of diluted
earnings per share because the options were not dilutive.
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