Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - CARRIAGE SERVICES INC | h83037e10vq.htm |
| EXCEL - IDEA: XBRL DOCUMENT - CARRIAGE SERVICES INC | Financial_Report.xls |
| EX-32 - EX-32 - CARRIAGE SERVICES INC | h83037exv32.htm |
| EX-31.1 - EX-31.1 - CARRIAGE SERVICES INC | h83037exv31w1.htm |
| EX-31.2 - EX-31.2 - CARRIAGE SERVICES INC | h83037exv31w2.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 six months ended June 30, 2010 and 2011 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 six months ended June 30, 2010 and 2011, in thousands except for earnings
per share:
| Three months | Six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
Net income |
$ | 2,299 | $ | 2,601 | $ | 5,073 | $ | 5,886 | ||||||||
Net income allocated to non-vested share awards |
(88 | ) | (80 | ) | (189 | ) | (246 | ) | ||||||||
Preferred stock dividend |
(3 | ) | (3 | ) | (7 | ) | (7 | ) | ||||||||
Undistributed earnings available to common
stockholders |
$ | 2,208 | $ | 2,518 | $ | 4,877 | $ | 5,633 | ||||||||
Weighted average number of common shares
outstanding for basic EPS computation |
17,504 | 18,367 | 17,472 | 18,301 | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Stock options |
248 | 40 | 235 | 39 | ||||||||||||
Weighted average number of common and common
equivalent shares outstanding for diluted EPS
computation |
17,752 | 18,407 | 17,707 | 18,340 | ||||||||||||
Basic earnings per common share: |
||||||||||||||||
Undistributed earnings |
$ | 0.13 | $ | 0.14 | $ | 0.28 | $ | 0.32 | ||||||||
Allocation of earnings to non-vested share
awards |
— | — | 0.01 | — | ||||||||||||
Total |
$ | 0.13 | $ | 0.14 | $ | 0.29 | $ | 0.32 | ||||||||
Diluted earnings per common share: |
||||||||||||||||
Undistributed earnings |
$ | 0.13 | $ | 0.14 | $ | 0.28 | $ | 0.32 | ||||||||
Allocation of earnings to non-vested share
awards |
— | — | 0.01 | — | ||||||||||||
Total |
$ | 0.13 | $ | 0.14 | $ | 0.29 | $ | 0.32 | ||||||||
The accounting for unvested share-based payment awards included in the calculation of earnings
per share 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
earnings per share calculations to include outstanding unvested restricted stock awards in the
basic and diluted weighted average shares outstanding calculation.
Options to purchase 0.2 million shares were not included in the computation of diluted
earnings per share for the six months ended June 30, 2010, because the effect would be antidilutive
as the exercise prices exceeded the average market price of the common shares. The amount of
shares not included in the computation of diluted earnings per share for the three months ended
June 30, 2010 was immaterial.
Options to purchase 0.2 and 0.3 million shares were not included in the computation of diluted
earnings per share for the three and six months ended June 30, 2011, because the effect would be
antidilutive as the exercise prices exceeded the average market price of the common shares.
The convertible junior subordinated debentures due in 2029 are convertible into 4.5 million
shares of common stock and is not included in the computation of diluted earnings per share because
the effect would be antidilutive.