NOTE 7—EARNINGS PER
SHARE
HSNi computes
basic earnings per share using the weighted average number of
common shares outstanding for the period. HSNi computes diluted
earnings per share using the treasury stock method which includes
the weighted average number of common shares outstanding for the
period plus the potential dilution that could occur if various
equity awards to issue common stock were exercised or restricted
equity awards were vested resulting in the issuance of common stock
that could share in HSNi’s earnings.
The following
table presents HSNi’s basic and diluted earnings per share
(in thousands, except per share data):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2012 |
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2011 |
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2012 |
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|
2011 |
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Net income
(loss):
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Continuing
operations
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$ |
35,611 |
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$ |
32,557 |
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|
$ |
62,899 |
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|
$ |
53,857 |
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Discontinued
operations
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|
(4,864 |
) |
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|
(590 |
) |
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|
(5,982 |
) |
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|
(1,610 |
) |
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Net income
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$ |
30,747 |
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|
$ |
31,967 |
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|
$ |
56,917 |
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$ |
52,247 |
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Weighted average number
of shares outstanding:
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Basic
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56,970 |
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|
58,648 |
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|
57,640 |
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|
58,432 |
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Dilutive effect of non-cash
compensation awards
|
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|
1,480 |
|
|
|
2,131 |
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|
1,611 |
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|
2,128 |
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Diluted
|
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|
58,450 |
|
|
|
60,779 |
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|
|
59,251 |
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|
60,560 |
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Net income (loss) per
share - basic:
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Continuing
operations
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$ |
0.63 |
|
|
$ |
0.56 |
|
|
$ |
1.09 |
|
|
$ |
0.92 |
|
|
Discontinued
operations
|
|
|
(0.09 |
) |
|
|
(0.01 |
) |
|
|
(0.10 |
) |
|
|
(0.03 |
) |
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Net income
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|
$ |
0.54 |
|
|
$ |
0.55 |
|
|
$ |
0.99 |
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|
$ |
0.89 |
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Net income (loss) per
share - diluted:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Continuing
operations
|
|
$ |
0.61 |
|
|
$ |
0.54 |
|
|
$ |
1.06 |
|
|
$ |
0.89 |
|
|
Discontinued
operations
|
|
|
(0.08 |
) |
|
|
(0.01 |
) |
|
|
(0.10 |
) |
|
|
(0.03 |
) |
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|
|
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|
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Net income
|
|
$ |
0.53 |
|
|
$ |
0.53 |
|
|
$ |
0.96 |
|
|
$ |
0.86 |
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Unexercised employee stock
options and stock appreciation rights and unvested restricted stock
units excluded from the diluted EPS calculation because their
effect would have been antidilutive
|
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|
751 |
|
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|
1,209 |
|
|
|
845 |
|
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|
1,305 |
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