| Earnings per Share |
Common stock equivalents of approximately 116,655,000 and 355,918,000 for the three months ended June 30, 2014 and 2013, respectively, and 386,276,000 and 352,795,000 for the six months ended June 30, 2014 and 2013, 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 June 30, |
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For the Six Months Ended June 30, |
(in thousands, except per share data) |
2014 |
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2013 |
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2014 |
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2013 |
Numerator: |
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Net income |
$ |
119,961 |
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$ |
125,522 |
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$ |
213,949 |
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$ |
249,124 |
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Less: |
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Allocation of undistributed income to Series B Preferred Stock |
— |
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— |
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— |
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(4,979 |
) |
Net income available to common stockholders for basic net income per common share |
$ |
119,961 |
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$ |
125,522 |
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$ |
213,949 |
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$ |
244,145 |
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Add back: |
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Allocation of undistributed income to Series B Preferred Stock |
— |
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— |
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— |
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4,979 |
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Effect of interest on assumed conversions of convertible debt |
5,363 |
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— |
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— |
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— |
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Net income available to common stockholders for diluted net income per common share |
$ |
125,324 |
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$ |
125,522 |
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$ |
213,949 |
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$ |
249,124 |
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Denominator: |
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Weighted average common shares outstanding for basic net income per common share |
5,865,032 |
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6,354,755 |
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5,979,273 |
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6,307,541 |
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Weighted average impact of assumed Series B Preferred Stock conversion |
— |
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— |
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— |
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128,636 |
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Weighted average impact of assumed convertible debt |
272,856 |
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— |
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— |
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— |
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Weighted average impact of other dilutive equity instruments |
72,190 |
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92,762 |
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75,498 |
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90,521 |
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Weighted average shares for diluted net income per common share |
6,210,078 |
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6,447,517 |
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6,054,771 |
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6,526,698 |
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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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$ |
0.04 |
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$ |
0.04 |
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Diluted |
$ |
0.02 |
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$ |
0.02 |
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$ |
0.04 |
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$ |
0.04 |
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