THERAGENICS CORP

CIK:0000795551|SEC Filings

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

NOTE J – EARNINGS PER SHARE

Basic earnings per share represents net earnings (loss) divided by the weighted average shares outstanding. Diluted earnings per share represents net earnings (loss) divided by weighted average shares outstanding adjusted for the incremental dilution of outstanding stock options and awards. A reconciliation of weighted average common shares outstanding to weighted average common shares outstanding assuming dilution for the periods presented follows (in thousands, except per share data):

	Three Months Ended June 30,					Six Months ended June 30,
	2013			2012		2013			2012

Net earnings (loss)	$	(15	)	$	838	$	(49	)	$	1,772

Weighted average common shares outstanding		29,277			33,655		29,172			33,594
Incremental common shares issuable under stock options and awards		—			549		—			505
Weighted average common shares outstanding assuming dilution		29,277			34,204		29,172			34,099
Earnings per share
Basic	$	0.00		$	0.02	$	0.00		$	0.05
Diluted	$	0.00		$	0.02	$	0.00		$	0.05

Diluted earnings per share does not include the effect of certain stock options and awards as their impact would be anti-dilutive. For both the three and six months ended June 30, 2013, approximately 3,227,000 stock options and awards were not included in the diluted earnings per share calculation because their effect is antidilutive. Approximately 978,000 stock options and awards for both the three and six months ended June 30, 2012 were not included in the diluted earnings per share calculation because their effect is antidilutive

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ (49)	$ 1,772
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	3,978	4,120
Deferred income taxes	(698)	(714)
Provision for allowances	181	59
Share-based compensation	636	439
Change in fair value of interest rate swaps		(57)
Decommissioning retirement liability	33	32
Loss on sale of equipment	5	3
Gain on sale of marketable securities		(1)
Changes in assets and liabilities:
Trade accounts receivable	(1,289)	(546)
Inventories	189	(456)
Prepaid expenses and other current assets	167	(147)
Accounts payable	310	195
Accrued salaries, wages and payroll taxes	(497)	(451)
Refundable income taxes net of income taxes payable	381	461
Other current liabilities	523	(60)
Other	(82)	286
Net cash provided by operating activities	3,788	4,935
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases and construction of property and equipment	(1,480)	(982)
Cash paid for acquisition of Core Oncology customer base		(4,755)
Proceeds from sale of property and equipment	12
Purchases of marketable securities	(15,827)	(3,271)
Maturities of marketable securities	6,627	4,079
Proceeds from sales of marketable securities	110	189
Net cash used by investing activities	(10,558)	(4,740)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings		(1,667)
Employee stock purchase plan	33	36
Net cash provided by (used in) financing activities	33	(1,631)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(6,737)	(1,436)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	23,589	29,553
CASH AND CASH EQUIVALENTS AT END OF PERIOD	16,852	28,117
SUPPLEMENTARY CASH FLOW DISCLOSURE:
Interest paid	233	361
Income taxes paid	317	1,128
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired from the Core transaction		4,582
Liability for property and equipment acquired	$ 72	$ 36

RESTRUCTURING - Summary of reconciliation of recorded liabilities as presented in condensed consolidated balance sheets (Details 2) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Accrued salaries, wages and payroll taxes	$ 2,432	$ 2,929
Other long-term liabilities	274	356
Facility Elimination
Restructuring Cost and Reserve [Line Items]
Accrued salaries, wages and payroll taxes	39
Other long-term liabilities	104
Restructuring Reserve	$ 143