Page 111 - New8814 GP 2011_AR-fnl

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F-31
F-31
The following table summarizes non-vested stock activity and DSU activity for the year ended December 31, 2011:
Nonvested at December 31, 2010
371,486
$ 10.15
Granted
392,056
12.01
Forfeited
(2,500)
16.95
Vested
(275,030)
9.80
Nonvested at December 31, 2011
486,012
$ 11.81
1.8
Non-vested
Shares and
DSU's
Weighted-
Average
Grant-
Date Fair
Value
Weighted-
Average
Remaining
Vesting Term
(in years)
Compensation costs expensed for share-based payment plans described above were approximately $4.4 million, $2.9
million and $1.6 million for the years ended December 31, 2011, 2010 and 2009, respectively. At December 31, 2011, there
was $4.0 million of unrecognized compensation costs from share-based compensation arrangements, which is related to non-
vested shares. This compensation is expected to be recognized over a weighted-average period of approximately 1.7 years.
The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements
generally would approximate 37.5% of these expense amounts.
12. EARNINGS PER SHARE
Basic earnings per common shares (“EPS”) is calculated by dividing net income available to common stockholders by
the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net
income on an as-if-converted basis available to common stockholders by the weighted average number of common shares
outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The calculation of diluted
earnings per share gives effect to common stock equivalents. The reconciliations of net income to net income on an as-if-
converted basis and basic and diluted earnings per share are as follows (in thousands):
2011
2010
2009
Net income attributable to Green Plains
38,418
$
48,012
$
19,790
$
Weighted average shares outstanding - basic
35,276
31,032
24,895
Income attributable to Green Plains stockholders - basic
1.09
$
1.55
$
0.79
$
Net income attributable to Green Plains
38,418
$
48,012
$
19,790
$
Interest and amortization on convertible debt
5,776
960
-
Taxeffect of interest on convertible debt
(2,166)
(260)
-
Net income attributable to Green Plains on an as-if-converted basis
42,028
$
48,712
$
19,790
$
Weighted average shares outstanding - basic
35,276
31,032
24,895
Effect of dilutive convertible debt
6,280
1,015
-
Effect of dilutive stock options
252
300
174
Total potential shares outstanding
41,808
32,347
25,069
Income attributable to Green Plains stockholders - diluted
1.01
$
1.51
$
0.79
$
Year EndedDecember 31,
Excluded from the computations of diluted EPS for the years ended December 31, 2011, 2010 and 2009, were stock
options, stock awards and DSUs totaling 0.9 million, 0.7 million and 1.0 million shares, respectively, because the exercise
prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of
the Company’s common stock during the respective periods. As consideration for the Global acquisition in October 2010, the