Invacare 2012 Annual Report Download - page 118

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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
Net Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted net earnings (loss) per common share.
2012 2011 2010
(In thousands except per share data)
Basic
Average common shares outstanding ........................... 31,641 31,958 32,393
Net earnings (loss) from continuing operations ................... $ (8,269) $ (18,518) $ 11,604
Net earnings from discontinued operations ....................... $ 10,096 $ 14,405 $ 13,737
Net earnings (loss) .......................................... $ 1,827 $ (4,113) $ 25,341
Net earnings (loss) per common share from continuing operations .... $ (0.26) $ (0.58) $ 0.36
Net earnings per common share from discontinued operations ....... $ 0.32 $ 0.45 $ 0.42
Net earnings (loss) per common share .......................... $ 0.06 $ (0.13) $ 0.78
Diluted
Average common shares outstanding ........................... 31,641 31,958 32,393
Shares related to convertible debt ............................ — — 163
Stock options and awards .................................. 230 397 138
Average common shares assuming dilution ...................... 31,871 32,355 32,694
Net earnings (loss) from continuing operations ................... $ (8,269) $ (18,518) $ 11,604
Net earnings from discontinued operations ....................... $ 10,096 $ 14,405 $ 13,737
Net earnings (loss) .......................................... $ 1,827 $ (4,113) $ 25,341
Net earnings (loss) per common from continuing operations * ....... $ (0.26) $ (0.58) $ 0.35
Net earnings per common from discontinued operations ............ $ 0.32 $ 0.45 $ 0.42
Net earnings (loss) per common share * ......................... $ 0.06 $ (0.13) $ 0.78
* Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding—basic
in periods in which there is a net loss.
At December 31, 2012, 2011 and 2010, 4,537,282, 2,355,567 and 2,396,061 shares associated with stock
options, respectively were excluded from the average common shares assuming dilution, as they were anti-
dilutive. At December 31, 2012, the majority of the anti-dilutive shares were granted at an exercise price of
$41.87, which was higher than the average fair market value price of $15.27 for 2012. For the 2012 and 2011 Net
Earnings (Loss) per Share calculation, all of the shares associated with stock options were anti-dilutive because
of the company’s loss. In 2011, the majority of the anti-dilutive shares were granted at an exercise price of
$24.45, which was lower than the average fair market value price of $27.40 for 2011. In 2010, the majority of the
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