O'Reilly Auto Parts 2013 Annual Report Download - page 77

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FORM 10-K
71
NOTE 17 – EARNINGS PER SHARE
The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the years
ended December 31, 2013, 2012 and 2011 (in thousands, except per share data):
For the Year Ended December 31,
2013 2012 2011
Numerator (basic and diluted):
Net income $ 670,292 $ 585,746 $ 507,673
Denominator:
Denominator for basic earnings per share - weighted-average shares 109,244 121,182 134,667
Effect of stock options (1) 1,857 2,132 2,316
Denominator for diluted earnings per share - weighted-average shares 111,101 123,314 136,983
Earnings per share:
Earnings per share-basic $ 6.14 $ 4.83 $ 3.77
Earnings per share-assuming dilution $ 6.03 $ 4.75 $ 3.71
Antidilutive common stock equivalents not included in the calculation of
diluted earnings per share:
Stock options (1) 498 1,816 1,756
Weighted-average exercise price per share of antidilutive stock options (1) $ 103.80 $ 87.88 $ 62.79
(1) See Note 12 for further discussion on the terms of the Company's share-based compensation plans.
Subsequent to the end of the year and through February 28, 2014, the Company did not repurchase a material number of shares of its
common stock.
NOTE 18 – QUARTERLY RESULTS (Unaudited)
The following table sets forth certain quarterly unaudited operating data for the fiscal years ended December 31, 2013 and 2012. The
unaudited quarterly information includes all adjustments, which the Company considers necessary for a fair presentation of the information
shown:
Fiscal 2013
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
(In thousands, except per share data)
Sales $ 1,585,009 $ 1,714,969 $ 1,728,025 $ 1,621,234
Gross profit 798,663 871,875 879,163 819,300
Operating income 251,084 296,261 300,380 255,760
Net income 154,329 177,127 186,489 152,347
Earnings per share – basic (1) $ 1.38 $ 1.61 $ 1.72 $ 1.43
Earnings per share – assuming dilution (1) $ 1.36 $ 1.58 $ 1.69 $ 1.40