HNBC » Topics » Note 15-Earnings Per Share

These excerpts taken from the HNBC 10-K filed Mar 13, 2009.

Earnings Per Share

     The Corporation follows the provisions of SFAS No. 128, “Earnings per Share.” Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of the Corporation’s common stock at the average market price during the period, as required by the “treasury stock method” of accounting. The effects of securities or other contracts to issue common stock are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. All weighted average shares, actual shares and per share information in the financial statements are adjusted retroactively for the effect of stock dividends.

Earnings Per Share


     The
Corporation follows the provisions of SFAS No. 128, “Earnings per Share.” Basic
earnings per share exclude dilution and are computed by dividing income
available to common shareholders by the weighted-average common shares
outstanding during the period. Diluted earnings per share take into account the
potential dilution that could occur if securities or other contracts to issue
common stock were exercised and converted into common stock. Proceeds assumed to
have been received on such exercise or conversion are assumed to be used to
purchase shares of the Corporation’s common stock at the average market price
during the period, as required by the “treasury stock method” of accounting. The
effects of securities or other contracts to issue common stock are excluded from
the computation of diluted earnings per share in periods in which the effect
would be antidilutive. All weighted average shares, actual shares and per share
information in the financial statements are adjusted retroactively for the
effect of stock dividends.


Note 15—Earnings Per Share

     The calculations of basic and diluted earnings per share are presented below. All weighted average shares, actual shares and per share information in the financial statements have been adjusted retroactively for the effect of stock dividends and splits. See Note 1 of the consolidated financial statements for a discussion on the calculation of earnings per share.

  Year Ended December 31,
  2008      2007      2006
  (Dollars in thousands, except
  per share information)
Basic earnings per share            
Net income available to common shareholders $ 25,093 $ 26,595 $ 39,415
Weighted average common shares outstanding   32,201,150   29,218,671   28,946,847
Basic earnings per share $ 0.78 $ 0.91 $ 1.36
 
Diluted earnings per share            
Net income available to common shareholders            
      and assumed conversions $ 25,093 $ 26,595 $ 39,415
Weighted average common shares outstanding   32,201,150   29,218,671   28,946,847
Dilutive potential common shares(1),(2)   162,987     241,227     406,281
Total diluted weighted average common shares            
      outstanding   32,364,137   29,459,898   29,353,128
Diluted earnings per share $ 0.78 $ 0.90 $ 1.34
____________________
 
(1)       Includes incremental shares from assumed conversions of stock options.
 
(2) Antidilutive options have been excluded in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. For 2008, 2007, and 2006, there were 1,037,645, 475,952 and 416,353 antidilutive options at an average price of $18.79, $23.44 and $24.50 per share, respectively.

91


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

HARLEYSVILLE NATIONAL CORPORATION AND SUBSIDIARIES

Note 15—Earnings Per Share


     The
calculations of basic and diluted earnings per share are presented below. All
weighted average shares, actual shares and per share information in the
financial statements have been adjusted retroactively for the effect of stock
dividends and splits. See Note 1 of the consolidated financial statements for a
discussion on the calculation of earnings per share.






















































































































































  Year Ended December 31,
  2008      2007      2006
  (Dollars in thousands, except
  per share information)
Basic earnings per share            
Net income
available to common shareholders
$
25,093 $ 26,595
$ 39,415
Weighted average common shares outstanding   32,201,150   29,218,671   28,946,847
Basic earnings
per share
$
0.78 $ 0.91 $ 1.36
 
Diluted earnings per share            
Net income
available to common shareholders
           
      and assumed conversions $
25,093 $ 26,595
$ 39,415
Weighted average common shares outstanding   32,201,150   29,218,671   28,946,847
Dilutive
potential common shares(1),(2)
  162,987     241,227     406,281
Total diluted weighted average common shares            
      outstanding   32,364,137   29,459,898   29,353,128
Diluted earnings
per share
$
0.78 $ 0.90 $ 1.34
____________________
 












(1)       Includes incremental
shares from assumed conversions of stock options.
 
(2) Antidilutive options
have been excluded in the computation of diluted earnings per share
because the options’ exercise prices were greater than the average market
price of the common stock. For 2008, 2007, and 2006, there were 1,037,645,
475,952 and 416,353 antidilutive options at an average price of $18.79,
$23.44 and $24.50 per share, respectively.

91





NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS (Continued)


HARLEYSVILLE NATIONAL CORPORATION AND
SUBSIDIARIES


These excerpts taken from the HNBC 10-K filed Mar 14, 2008.

Note 15—Earnings Per Share

     The calculations of basic earnings per share and diluted earnings per share are presented below. All weighted average shares, actual shares and per share information in the financial statements have been adjusted retroactively for the effect of stock dividends and splits. See Note 1 of the consolidated financial statements for a discussion on the calculation of earnings per share.

    Year Ended December 31,
  2007      2006      2005
  (Dollars in thousands, except
       per share information)
Basic earnings per share              
Net income available to common shareholders   $ 26,595   $ 39,415   $ 38,828
Weighted average common shares outstanding   29,218,671   28,946,847 28,891,412
Basic earnings per share   $ 0.91   $ 1.36   $ 1.34
Diluted earnings per share            
Net income available to common shareholders            
     and assumed conversions   $ 26,595   $ 39,415   $ 38,828
Weighted average common shares outstanding   29,218,671   28,946,847 28,891,412
Dilutive potential common shares(1),(2)    241,227    406,281    598,804
Total diluted weighted average common shares            
   outstanding   29,459,898   29,353,128 29,490,216
Diluted earnings per share   $ 0.90   $ 1.34   $ 1.32
____________________

(1)      Includes incremental shares from assumed conversions of stock options.
 
(2) Antidilutive options have been excluded in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. For 2007, 2006, and 2005, there were 475,952, 416,353 and 372,471 antidilutive options at an average price of $23.44, $24.50 and $25.65 per share, respectively.

Note 15—Earnings Per Share


     The calculations
of basic earnings per share and diluted earnings per share are presented below.
All weighted average shares, actual shares and per share information in the
financial statements have been adjusted retroactively for the effect of stock
dividends and splits. See Note 1 of the consolidated financial statements for a
discussion on the calculation of earnings per share.




























































































































































    Year Ended December

31,

  2007      2006      2005

  (Dollars in thousands, except
       per share information)
Basic earnings per share              
Net income
available to common shareholders
  $ 26,595   $ 39,415
  $ 38,828
Weighted average common shares outstanding   29,218,671   28,946,847 28,891,412
Basic earnings
per share
  $ 0.91   $ 1.36   $ 1.34
Diluted earnings per share            
Net income
available to common shareholders
           
     and assumed conversions   $ 26,595   $ 39,415
  $ 38,828
Weighted average common shares outstanding   29,218,671   28,946,847 28,891,412
Dilutive
potential common shares(1),(2)
   241,227    406,281    598,804
Total diluted weighted average common shares            
   outstanding   29,459,898   29,353,128 29,490,216
Diluted earnings
per share
  $ 0.90   $ 1.34   $ 1.32
____________________













(1)      Includes
incremental shares from assumed conversions of stock options.
 
(2) Antidilutive options have been excluded in the computation of
diluted earnings per share because the options’ exercise prices were
greater than the average market price of the common stock. For 2007, 2006,
and 2005, there were 475,952, 416,353 and 372,471 antidilutive options at
an average price of $23.44, $24.50 and $25.65 per share,
respectively.

This excerpt taken from the HNBC 10-K filed Mar 15, 2007.

Note 15—Earnings Per Share

     The calculations of basic earnings per share and diluted earnings per share are presented below. All weighted average shares, actual shares and per share information in the financial statements have been adjusted retroactively for the effect of stock dividends and splits. See Note 1 of the consolidated financial statements for a discussion on the calculation of earnings per share.

Year Ended December 31,
2006        2005        2004
(Dollars in thousands, except
per share information)
Basic earnings per share
Net income available to common shareholders $ 39,415 $ 38,828 $ 38,567
Weighted average common shares outstanding 28,946,847 28,891,412 28,505,392
Basic earnings per share $ 1.36 $ 1.34 $ 1.35
Diluted earnings per share
Net income available to common shareholders
     and assumed conversions $ 39,415 $ 38,828 $ 38,567
Weighted average common shares outstanding 28,946,847 28,891,412 28,505,392
Dilutive potential common shares(1),(2)   406,281   598,804   960,221
Total diluted weighted average common shares
     outstanding    29,353,128 29,490,216 29,465,613
Diluted earnings per share $ 1.34   $ 1.32   $ 1.31
____________________
 
(1)       Includes incremental shares from assumed conversions of stock options.
 
(2) Antidilutive options have been excluded in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. For 2006, 2005, and 2004, there were 416,353, 372,471 and 329,764 antidilutive options at an average price of $24.50, $25.65 and $25.94 per share, respectively.
 

74


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
HARLEYSVILLE NATIONAL CORPORATION AND SUBSIDIARIES

This excerpt taken from the HNBC 10-K filed Mar 15, 2006.

Earnings Per Share

The Corporation follows the provisions of SFAS No. 128, “Earnings per Share.” Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Proceeds assumed to have been received on such exercise or conversion are assumed to be used to purchase shares of the Corporation’s common stock at the average market price during the period, as required by the “treasury stock method” of accounting. The effects of securities or other contracts to issue common stock are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. All weighted average shares, actual shares

54




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
HARLEYSVILLE NATIONAL CORPORATION AND SUBSIDIARIES

Note 1—Summary of Significant Accounting Policies (Continued)

and per share information in the financial statements have been adjusted retroactively for the effect of stock dividends and splits.

This excerpt taken from the HNBC 10-K filed Mar 9, 2005.

Note 14—Earnings Per Share

        The calculation of basic earnings per share and diluted earnings per share is presented below. All weighted average shares, actual shares and per share information in the financial statements have been adjusted retroactively for the effect of stock dividends and splits. See Note 1 of the consolidated financial statements for a discussion on the calculation of earnings per share.

 
  Year Ended December 31,
 
  2004
  2003
  2002
 
  (Dollars in thousands, except number of shares and per share data)

Basic earnings per share                  
Net income available to common shareholders   $ 38,567   $ 35,333   $ 32,927
Weighted average common shares outstanding     25,855,230     24,995,054     25,097,334
Basic earnings per share   $ 1.49   $ 1.41   $ 1.31

Diluted earnings per share

 

 

 

 

 

 

 

 

 
Net income available to common shareholders and assumed conversions   $ 38,567   $ 35,333   $ 32,927
Weighted average common shares outstanding     25,855,230     24,995,054     25,097,334
Dilutive potential common shares(1),(2)     870,950     860,212     759,555
   
 
 
Total diluted weighted average common shares outstanding     26,726,180     25,855,266     25,856,889
Diluted earnings per share   $ 1.44   $ 1.37   $ 1.27

(1)
Includes incremental shares from assumed conversions of stock options.

(2)
For 2004, 2003, and 2002, options to purchase 299,106, 128,100 and 13,125 shares of common stock at $28.60, $30.18, and $18.61 per share, respectively have been excluded in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common stock.

64


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