TRUE RELIGION APPAREL INC

CIK:0001160858|SEC Filings

Earnings Per Share

6 Months Ended

Jun. 30, 2013

NOTE 12 — Earnings Per Share

The following is a reconciliation of the shares used to compute basic and diluted earnings per share attributable to True Religion Apparel, Inc. (amounts in thousands, except per share information):

	Three Months Ended				Six months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Net income attributable to True Religion Apparel, Inc.	$	8,353	$	9,777	$	8,879	$	20,190

Basic shares	25,424		25,172		25,309		25,065
Dilutive effect of unvested restricted stock	64		138		218		250
Diluted shares	25,488		25,310		25,527		25,315

Earnings per share attributable to True Religion Apparel, Inc. — basic	$	0.33	$	0.39	$	0.35	$	0.81
Earnings per share attributable to True Religion Apparel, Inc. — diluted	$	0.33	$	0.39	$	0.35	$	0.80

For the three and six months ended June 30, 2013, 143,471 and 74,127 weighted shares, respectively, of restricted stock awards which are subject to performance conditions that have not been achieved were excluded from the calculation of dilutive shares. For the three and six months ended June 30, 2012, 353,215 and 183,438 weighted shares, respectively, of restricted stock awards which are subject to performance conditions that have not been achieved were excluded from the calculation of dilutive shares.

Supplemental Disclosure of Cash Flow Information	6 Months Ended
Supplemental Disclosure of Cash Flow Information	Jun. 30, 2013
Supplemental Disclosure of Cash Flow Information
Supplemental Disclosure of Cash Flow Information	NOTE 17 — Supplemental Disclosure of Cash Flow Information During the six months ended June 30, 2013 and 2012, we paid income taxes of $10.3 million and $17.8 million, respectively. As of June 30, 2013, and 2012, we had recorded the purchase of $1.2 million and $1.4 million, respectively, of property and equipment for which the vendors had not yet been paid. These amounts have been excluded from “Purchases of property and equipment” and “Accounts payable and accrued expenses” in the accompanying condensed consolidated statements of cash flows.

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 74,233	$ 76,831
Short-term investments	121,767	109,317
Accounts receivable, net of allowances	27,188	31,647
Inventories	65,008	65,655
Deferred income tax assets	5,207	7,293
Prepaid income taxes	3,336	5,359
Prepaid expenses and other current assets	12,533	10,123
Total current assets	309,272	306,225
Property and equipment, net	61,857	61,565
Long-term investments	27,264	31,517
Deferred income tax assets	1,048	1,383
Other assets	4,883	5,026
TOTAL ASSETS	404,324	405,716
Current Liabilities:
Accounts payable and accrued expenses	30,603	30,868
Accrued salaries, wages and benefits	8,331	11,383
Income taxes payable	928	5,060
Total current liabilities	39,862	47,311
Long-term deferred rent	18,713	17,517
Long-term deferred income tax liabilities	2,888	3,662
Long-term income taxes payable	1,075	916
Total long-term liabilities	22,676	22,095
Total liabilities	62,538	69,406
Commitments and contingencies
Redeemable noncontrolling interest	3,659	3,375
Stockholders' Equity:
Preferred stock, $0.0001 par value, 20,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 80,000 shares authorized, 25,754 and 25,723 issued and outstanding, respectively	3	3
Additional paid-in capital	93,468	89,287
Retained earnings	245,742	241,985
Accumulated other comprehensive (loss) income, net	(1,086)	1,660
Total stockholders' equity	338,127	332,935
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 404,324	$ 405,716