Regis Corporation Just Filed Its Quarterly Report: EARNINGS PER SHARE: ...


EARNINGS PER SHARE:
 
The Company’s basic earnings per share is calculated as net (loss) income divided by weighted average common shares outstanding, excluding unvested outstanding restricted stock awards, RSUs and PSUs. The Company’s dilutive earnings per share is calculated as net (loss) income divided by weighted average common shares and common share equ ivalents outstanding, which includes shares issued under the Company’s stock-based compensation plans. Stock-based awards with exercise prices greater than the average market value of the Company’s common stock are excluded from the computation of diluted earnings per share. The Company’s dilutive earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive, along with the exclusion of interest expense, net of taxes. The impact of the convertible debt is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.
 
The following table sets forth a reconciliation of the net (loss) income from continuing operations available to common shareholders and the net (loss) income from continuing operations for diluted earnings per share under the if-converted method:
 
 
 
For the Periods Ended December 31,
 
 
Three Months
 
Six Months
 
 
2013
 
2012
 
2013
 
2012
 
 
(Dollars in thousands)
Net (loss) income from continuing operations available to common shareholders (1)
 
$
(109,085
)
 
$
(16,119
)
 
$
(109,221
)
 
$
18,528

Effect of dilutive securities:
 


 
 

 


 
 

Interest on convertible debt, net of taxes
 

 

 

 

Net (loss) income from continuing operations for diluted earnings per share
 
$
(109,085
)

$
(16,119
)
 
$
(109,221
)
 
$
18,528


____________________________
(1)
During the three months ended September 30, 2013, the Company recorded certain errors that related to prior periods. The errors related to an overstatement of inventory and self-insurance accruals and an understatement of cash in prior periods. Because these errors were not material to the Company’s consolidated financial statements for any prior periods or the three months ended September 30, 2013, the Company recorded a cumulative adjustment to correct the errors during the first quarter of fiscal year 2014. The impact of these items on the Company’s Consolidated Statement of Operations for the six months ended December 31, 2013, decreased Site Operating expenses by $1.3 million, increased Cost of Product by $0.3 million and decreased net loss by $0.6 million.

The following table sets forth a reconciliation of shares used in the computation of basic and diluted earnings per share:
 
 
 
For the Periods Ended December 31,
 
 
Three Months
 
Six Months
 
 
2013
 
2012
 
2013
 
2012
 
 
(Shares in thousands)
Weighted average shares for basic earnings per share
 
56,437

 
56,794

 
56,427

 
57,043

Effect of dilutive securities:
 


 


 


 
 

Dilutive effect of stock-based compensation (1)
 

 

 

 
82

Weighted average shares for diluted earnings per share
 
56,437

 
56,794


56,427

 
57,125

_____________________________
(1)
For the three months ended December 31, 2013 and 2012, 110,759, and 98,637 common stock equivalents of potentially dilutive common stock, respectively, were excluded in the diluted earnings per share calculation due to the net loss from continuing operations. For the six months ended December 31, 2013, 117,546 common stock equivalents of potentially dilutive common stock were excluded in the diluted earnings per share calculation due to the net loss from continuing operations.

The computation of weighted average shares outstanding, assuming dilution, excluded 1,732,575 and 1,759,864 of stock-based awards during the three months ended December 31, 2013 and 2012, respectively, and 1,452,639 and 1,587,934 of stock-based awards during the six months ended December 31, 2013 and 2012, respectively, as they were not dilutive under the treasury stock method. The computation of weighted average shares outstanding, assuming dilution, also excluded 11,308,502 and 11,254,999 of shares from convertible debt as they were not dilutive for the three months ended December 31, 2013 and 2012, respectively, and 11,299,204 and 11,246,854 for the six months ended December 31, 2013 and 2012, respectively.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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