| Earnings per Share |
Common stock equivalents of approximately 349,681,000 and 443,764,000 for the three months ended March 31, 2013 and 2012, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.
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For the Three Months Ended March 31, |
(in thousands, except per share data) |
2013 |
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2012 |
Numerator: |
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Net income |
$ |
123,602 |
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|
$ |
107,774 |
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Less: |
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Allocation of undistributed income to Series B Preferred Stock |
(4,905 |
) |
|
(43,876 |
) |
Net income available to common stockholders for basic net income per common share |
118,697 |
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|
63,898 |
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Add back: |
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Allocation of undistributed income to Series B Preferred Stock |
4,905 |
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|
43,876 |
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Net income available to common stockholders for diluted net income per common share |
$ |
123,602 |
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$ |
107,774 |
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Denominator: |
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Weighted average common shares outstanding for basic net income per common share |
6,259,803 |
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|
3,767,443 |
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Weighted average impact of assumed Series B Preferred Stock conversion |
258,702 |
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|
2,586,977 |
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Weighted average impact of other dilutive equity instruments |
87,771 |
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|
183,308 |
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Weighted average shares for diluted net income per common share |
6,606,276 |
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|
6,537,728 |
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Net income per common share: |
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Basic |
$ |
0.02 |
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$ |
0.02 |
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Diluted |
$ |
0.02 |
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$ |
0.02 |
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