Comfort Inn 2013 Annual Report Download - page 106
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Table of Contents
The amounts reclassified from other accumulated other comprehensive income (loss) during the year ended December 31, 2013 were reclassified to the
following line items in the Company's Consolidated Statements of Income.
Interest rate contract
$862
Interest expense
—
Tax (expense) benefit
$862
Net of tax
The computation of basic and diluted earnings per common share is as follows:
Net income
$120,687
$110,396
Income allocated to participating securities
(1,272)
(1,099)
Net income available to common shareholders
$119,415
$109,297
Weighted average common shares outstanding—basic
57,467
58,862
Basic earnings per share
$2.08
$1.86
Net income
$120,687
$110,396
Income allocated to participating securities
(1,289)
(1,098)
Net income available to common shareholders
$119,398
$109,298
Weighted average common shares outstanding—basic
57,467
58,862
Diluted effect of stock options and PVRSUs
186
72
Weighted average shares outstanding-diluted
57,653
58,934
Diluted earnings per share
$2.07
$1.85
The Company’s unvested restricted shares contain rights to receive non-forfeitable dividends and thus are participating securities requiring the two-class
method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested
restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.
At December 31, 2013, 2012, and 2011, the Company had 1.7 million, 1.9 million and 1.6 million outstanding stock options, respectively. Stock
options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the
stock options would be anti-dilutive. For the year ended December 31, 2013, no anti-dilutive stock options were excluded from the diluted earnings per share
calculation. For the years ended December 31, 2012 and 2011, the Company excluded 0.3 million and 0.7 million of anti-dilutive stock options from the
diluted earnings per share calculation, respectively.
PVRSUs are also included in the diluted earnings per share calculation assuming the performance conditions have been met at the reporting date.
However, at December 31, 2013, 2012, and 2011, PVRSUs totaling 197,707, 139,492 and 109,769 respectively, were excluded from the computation since
the performance conditions had not been met at the reporting date.
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