Spirit Airlines 2012 Annual Report Download - page 76

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Notes to Financial Statements—(Continued)
The following table summarizes the Company’s performance share awards for the year ended December 31, 2012 :
As of December 31, 2012 , there was $6.9 million of total unrecognized compensation cost related to performance share awards. The unrecognized cost is expected to
be recognized over two years.
The following table sets forth the computation of basic and diluted earnings per common share:
As of December 31, 2012 , there were 88 thousand anti-dilutive stock awards excluded from the computation of diluted earnings per common share. As of
December 31, 2011 , there were 70 thousand anti-dilutive awards excluded from the computation of diluted earnings per common share.
In connection with the closing of the IPO, the Company consummated the transaction contemplated by the Recapitalization Agreement on June 1, 2011, which
resulted in the repayment or exchange for common stock of all of the Company’s notes and preferred stock. See Note 18. As of December 31, 2012 and 2011 , there was no
outstanding long term debt, long term obligations or outstanding amounts due to related parties.
The Company has a line of credit for $18.6 million and $8.6 million related to corporate credit cards, of which the Company had drawn $3.2 million and $2.4 million
as of December 31, 2012 and 2011 , respectively.
In addition, the Company has lines of credit with counterparties to the Company's jet fuel derivatives in the amount of $18.0 million as of December 31, 2012 . Of the
$18.0 million in lines of credit, $5.0 million is provided exclusively for jet fuel derivatives, $10.0 million is provided exclusively for physical fuel delivery, and the
remaining $3.0 million is provided for either purpose. As of December 31, 2012 , the Company had drawn $11.2 million for physical fuel delivery and had not drawn on the
remaining lines. As of December 31, 2011 , the Company had lines of credit with counterparties in the amount of $8 million exclusively for jet fuel derivatives. As of
December 31, 2011 , the Company had not drawn on the lines of credit. The Company is required to post collateral for any excess above the lines of credit if the derivatives
are in a net liability position and make periodic payments in order to maintain an adequate undrawn portion for physical fuel delivery.
75
Number of Awards
Weighted-Average Fair Value
at Grant Date ($)
Outstanding at December 31, 2011
—
—
Granted
280,907
20.30
Vested
—
—
Forfeited
—
—
Outstanding at December 31, 2012
280,907
20.30
9.
Net Income per Share
Year Ended December 31,
2012
2011
2010
(in thousands, except for share and per share amounts)
Numerator
Net income
$
108,460
$
76,448
$
72,481
Denominator
Weighted-average shares outstanding, basic
72,386
53,241
26,184
Effect of dilutive stock awards
205
274
506
Adjusted weighted-average shares outstanding, diluted
72,591
53,515
26,690
Net Income per Share
Basic earnings per common share
$
1.50
$
1.44
$
2.77
Diluted earnings per common share
$
1.49
$
1.43
$
2.72
10. Debt, Related-
Party Transactions and Other Obligations