PS Business Parks Just Filed Its Annual Report: Net income per co...


Net income per common share

 

Per share amounts are computed using the number of weighted average common shares outstanding. “Diluted” weighted average common shares outstanding includes the dilutive effect of stock options and restricted stock units under the treasury stock method. “Basic” weighted average common shares outstanding excludes such effect. The Company's restricted stock units are participating securities and are included in the computation of basic and diluted weighted average common shares outstanding. The Company’s restricted stock unit holders are paid non-forfeitable dividends in excess of the expense recorded which results in a reduction in net income allocable to common shareholders and unit holders. Earnings per share has been calculated as follows for the years ended December 31, (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Net income allocable to common shareholders

$

43,851 

 

$

19,805 

 

$

52,162 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

24,732 

 

 

24,234 

 

 

24,516 

Net effect of dilutive stock compensation — based on

 

 

 

 

 

 

 

 

treasury stock method using average market price

 

101 

 

 

89 

 

 

83 

Diluted weighted average common shares outstanding

 

24,833 

 

 

24,323 

 

 

24,599 

Net income per common share — Basic

$

1.77 

 

$

0.82 

 

$

2.13 

Net income per common share — Diluted

$

1.77 

 

$

0.81 

 

$

2.12 

 

Options to purchase 14,000,  51,200 and 92,000 shares for the years ended December 31, 2013,  2012 and 2011, respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive.

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

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