Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - CARRIAGE SERVICES INC | h68556e10vq.htm |
| EX-32 - EX-32 - CARRIAGE SERVICES INC | h68556exv32.htm |
| EX-31.2 - EX-31.2 - CARRIAGE SERVICES INC | h68556exv31w2.htm |
| EX-31.1 - EX-31.1 - CARRIAGE SERVICES INC | h68556exv31w1.htm |
EXHIBIT 11.1
CARRIAGE SERVICES, INC.
COMPUTATION OF PER SHARE EARNINGS
(unaudited and in thousands, except per share data)
COMPUTATION OF PER SHARE EARNINGS
(unaudited and in thousands, except per share data)
Earnings per share for the three and nine months ended September 30, 2008 and 2009 is
calculated based on the weighted average number of common and common equivalent shares outstanding
during the periods. The following table sets forth the computation of the basic and diluted
earnings per share for the three and nine months ended September 30, 2008 and 2009, in thousands
except for earnings per share:
| Three months | Nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2008 | 2009 | 2008 | 2009 | |||||||||||||
Net income from continuing operations |
$ | 155 | $ | 830 | $ | 3,378 | $ | 5,053 | ||||||||
Net income from continuing operations allocated to
non-vested share awards |
3 | 30 | 79 | 195 | ||||||||||||
Preferred stock dividend |
(4 | ) | (4 | ) | (8 | ) | (11 | ) | ||||||||
Undistributed earnings from continuing operations
available to common stockholders |
154 | 856 | 3,449 | 5,237 | ||||||||||||
Loss from discontinued operations |
— | — | (1,390 | ) | — | |||||||||||
Undistributed earnings (loss) available to common
stockholders |
$ | 154 | $ | 856 | $ | 2,059 | $ | 5,237 | ||||||||
Weighted average number of common shares outstanding for
basic EPS computation |
19,279 | 17,379 | 19,351 | 17,658 | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Stock options |
286 | 221 | 374 | 164 | ||||||||||||
Weighted average number of common and common equivalent
shares outstanding for diluted EPS computation |
19,565 | 17,600 | 19,725 | 17,822 | ||||||||||||
Basic earnings (loss) per common share: |
||||||||||||||||
Continuing operations |
$ | 0.01 | $ | 0.05 | $ | 0.18 | $ | 0.29 | ||||||||
Continuing operations allocated to non-vested share awards |
— | — | — | 0.01 | ||||||||||||
Discontinued operations |
— | — | (0.07 | ) | — | |||||||||||
Net income |
$ | 0.01 | $ | 0.05 | $ | 0.11 | $ | 0.30 | ||||||||
Diluted earnings (loss) per common share: |
||||||||||||||||
Continuing operations |
$ | 0.01 | $ | 0.05 | $ | 0.18 | $ | 0.28 | ||||||||
Continuing operations allocated to non-vested share awards |
— | — | — | 0.01 | ||||||||||||
Discontinued operations |
— | — | (0.07 | ) | — | |||||||||||
Net income |
$ | 0.01 | $ | 0.05 | $ | 0.11 | $ | 0.29 | ||||||||
Effective January 1, 2009, the accounting for unvested share-based payment awards included in
the calculation of earnings per share has changed. Share-based awards that contain nonforfeitable
rights to dividends or dividend equivalents, whether paid or unpaid, are now participating
securities and included in the computation of both basic and diluted earnings per share. Our grants
of restricted stock awards to our employees and directors are considered participating securities
and we have prepared our current period earnings per share calculations and retrospectively revised
our prior period calculations to include outstanding unvested restricted stock awards in the basic
weighted average shares outstanding calculation. For the three and nine months ended September 30,
2009, there was no material impact to basic and diluted earnings per share.
Options to purchase 0.1 million and 0.9 million shares were not included in the computation of
diluted earnings per share for the three and nine months ended September 30, 2008, because the
share awards exercise prices exceeded the average market price of the Company’s common stock during
the period and, therefore, the effect would be antidilutive.
Options to purchase 0.3 million and 0.9 million shares were not included in the computation of
diluted earnings per share for the three and nine months ended September 30, 2009, because the
options contained exercise prices that exceeded the average market price of the Company’s common
stock during the period and, therefore, the effect would be antidilutive.
The convertible junior subordinated debentures due in 2029 are convertible into 4.6 million
shares of common stock and is not included in the computation of diluted earnings per share because
the effect would be antidilutive.