Cash America 2015 Annual Report Download - page 96

Net Income Per Share
Basic net income per share is computed by dividing net income by the weighted average number of
common shares outstanding during the year. Diluted net income per share is calculated by giving effect to the
potential dilution that could occur if securities or other contracts to issue common shares were exercised and
converted into common shares during the year. When a net loss exists, all potentially dilutive securities are anti-
dilutive and are therefore excluded from the diluted per-share computation.
Restricted stock units (“RSUs”) issued under the Company’s stock-based employee compensation plans are
included in diluted shares from the grant date of the award based on the treasury stock method. Performance-based
RSU awards are included in diluted shares based on the level of performance that management estimates is the most
probable outcome at the grant date. Throughout the requisite service period, management monitors the probability
of achievement of the performance condition and adjusts the number of shares included in diluted shares
accordingly.
The following table sets forth the reconciliation of numerators and denominators of basic and diluted
earningspersharecomputationsfortheyearsendedDecember31,2015,2014and2013(dollarsandsharesin
thousands, except per share amounts):
FortheyearendedDecember31,
2015 2014 2013
Numerator:
Net Income (Loss) from Continuing Operations $27,566 $(10,387)$ 59,182
Net Income from Discontinued Operations, Net of Tax —109,025 83,346
Net Income Attributable to Cash America International, Inc. 27,566 98,638 142,528
Denominator:
Total Weighted Average Basic Shares (a) 27,022 28,901 28,657
Shares Applicable to Stock-based Compensation(b) 216 92 72
Convertible Debt(c) —348 1,884
Total Weighted Average Diluted Shares (d) 27,238 29,341 30,613
Net Income (Loss) from Continuing Operations – basic $1.02 $(0.36)$ 2.07
Net Income from Discontinued Operations – basic $—$3.77 $2.91
Net Income Attributable to Cash America International, Inc. - basic (f) $1.02 $3.41 $4.97
Net Income (Loss) from Continuing Operations – diluted (e) $1.01 $(0.36)$ 1.93
Net Income from Discontinued Operations – diluted $—$3.72 $2.72
Net Income Attributable to Cash America International, Inc. - diluted (f) $1.01 $3.36 $4.66
(a) Includes vested and deferred RSUs of 291, 304 and 307 as well as shares that are deliverable to certain directors who have elected to
defer a portion of their director fees to be paid in the form of common stock of the Company (“Director Deferred Shares”) of 32, 32 and
31fortheyearsendedDecember31,2015,2014and2013,respectively.
(b) Includes shares related to unvested RSU awards.
(c) On May 15, 2014, the Company called its then-outstanding $115.0 million aggregate principal amount of 5.25% Convertible Senior
Notes due May 15, 2029 (the “2029 Convertible Notes”), and the noteholders elected to convert such notes. The Company settled the
principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the
conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included
in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for
further discussion of the 2029 Convertible Notes.
(d) Excludes 49, 70, and 12 anti-dilutive shares for the years ended December 31, 2015 and 2014 and 2013, respectively.
(e) Since a net loss from continuing operations exists for the year ended December 31, 2014, all potentially dilutive securities are anti-
dilutive and are therefore excluded from the diluted per-share calculation.
(f) Earnings per share amounts included in this information may not sum due to rounding differences.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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