Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - CARRIAGE SERVICES INC | h75114e10vq.htm |
| EX-32 - EX-32 - CARRIAGE SERVICES INC | h75114exv32.htm |
| EX-31.1 - EX-31.1 - CARRIAGE SERVICES INC | h75114exv31w1.htm |
| EX-31.2 - EX-31.2 - CARRIAGE SERVICES INC | h75114exv31w2.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, 2009 and 2010 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, 2009 and 2010, in thousands except for earnings
per share:
| Three months | Six months | |||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||
| 2009 | 2010 | 2009 | 2010 | |||||||||||||
Net income |
$ | 2,034 | $ | 2,299 | $ | 4,388 | $ | 5,073 | ||||||||
Net income allocated to non-vested share awards |
(75 | ) | (88 | ) | (151 | ) | (189 | ) | ||||||||
Preferred stock dividend |
(4 | ) | (3 | ) | (7 | ) | (7 | ) | ||||||||
Undistributed earnings available to common
stockholders |
$ | 1,955 | $ | 2,208 | $ | 4,230 | $ | 4,877 | ||||||||
Weighted average number of common shares
outstanding for basic EPS computation |
17,119 | 17,504 | 17,235 | 17,472 | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Stock options |
260 | 248 | 175 | 235 | ||||||||||||
Weighted average number of common and common
equivalent shares outstanding for diluted EPS
computation |
17,379 | 17,752 | 17,410 | 17,707 | ||||||||||||
Basic earnings per common share: |
||||||||||||||||
Net earnings |
$ | 0.12 | $ | 0.13 | $ | 0.24 | $ | 0.28 | ||||||||
Allocation of earnings to non-vested share
awards |
— | — | 0.01 | 0.01 | ||||||||||||
Total |
$ | 0.12 | $ | 0.13 | $ | 0.25 | $ | 0.29 | ||||||||
Diluted earnings per common share: |
||||||||||||||||
Net earnings |
$ | 0.12 | $ | 0.13 | $ | 0.24 | $ | 0.28 | ||||||||
Allocation of earnings to non-vested share
awards |
— | — | 0.01 | 0.01 | ||||||||||||
Total |
$ | 0.12 | $ | 0.13 | $ | 0.25 | $ | 0.29 | ||||||||
Effective January 1, 2009, 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 0.3 and 0.7 million shares were not included in the computation of diluted
earnings per share for the three and six months ended June 30, 2009, because the effect would be
antidilutive as the exercise prices exceeded the average market price of the common shares.
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.
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.