| Earnings per Share |
Common stock equivalents of approximately 143,697,000 and 323,615,000 for the three months ended September 30, 2014 and 2013, respectively, and 123,234,000 and 354,938,000 for the nine months ended September 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 September 30, |
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For the Nine Months Ended September 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 |
$ |
136,170 |
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$ |
62,894 |
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$ |
350,119 |
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$ |
312,018 |
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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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(4,190 |
) |
Net income available to common stockholders for basic net income per common share |
$ |
136,170 |
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$ |
62,894 |
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$ |
350,119 |
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$ |
307,828 |
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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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4,190 |
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Effect of interest on assumed conversions of convertible debt |
5,363 |
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— |
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16,088 |
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— |
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Net income available to common stockholders for diluted net income per common share |
$ |
141,533 |
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$ |
62,894 |
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$ |
366,207 |
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$ |
312,018 |
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Denominator: |
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Weighted average common shares outstanding for basic net income per common share |
5,626,078 |
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6,184,216 |
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5,860,248 |
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6,265,981 |
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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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85,286 |
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Weighted average impact of assumed convertible debt |
272,853 |
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— |
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272,853 |
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— |
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Weighted average impact of other dilutive equity instruments |
75,116 |
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103,137 |
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75,468 |
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94,815 |
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Weighted average shares for diluted net income per common share |
5,974,047 |
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6,287,353 |
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6,208,569 |
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6,446,082 |
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Net income per common share: |
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Basic |
$ |
0.02 |
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$ |
0.01 |
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$ |
0.06 |
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$ |
0.05 |
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Diluted |
$ |
0.02 |
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$ |
0.01 |
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$ |
0.06 |
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$ |
0.05 |
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