Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share

3. EARNINGS PER SHARE

The Company reports earnings per share data in accordance ASC Topic 260, "Earnings Per Share." Effective January 1, 2009, FASB ASC Topic 260 was updated for the issuance of FASB Staff Position ("FSP") EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities", or FSP EITF 03-6-1, with transition guidance included in FASB ASC Topic 260-10-65-2. Under FSP EITF 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Company has calculated its basic and diluted earnings per share using the two-class method. The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

 

 

     Year Ended December 31,  

(Amounts in thousands, except per share data)

   2011      2010      2009  

Numerator:

        

Net income from continuing operations attributable to common shareholders

   $ 30,592      $ 33,080      $ 18,843  

Denominator:

        

Denominator for basic earnings per share—weighted average shares

     27,674        27,472        23,787  

Effect of Dilutive Securities:

        

Stock options and warrants and non-vested stock

     51        42        10  
  

 

 

    

 

 

    

 

 

 

Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversion

     27,725        27,514        23,797  

Basic Earnings per Common Share from continuing operations attributable to common shareholders

   $ 1.11      $ 1.20      $ 0.79  

Basic Earnings per Common Share attributable to common shareholders

   $ 1.11      $ 1.48      $ 0.84  

Diluted Earnings per Common Share from continuing operations attributable to common shareholders

   $ 1.10      $ 1.20      $ 0.79  

Diluted Earnings per Common Share attributable to common shareholders

   $ 1.10      $ 1.48      $ 0.84  

Not included in the effect of dilutive securities above are 305,468 stock options and 157,903 unvested restricted shares for the year ended December 31, 2011; 320,318 stock options and 159,763 unvested restricted shares for the year ended December 31, 2010; and 333,072 stock options and 125,871 unvested restricted shares for the year ended December 31, 2009, because their effect would be antidilutive.