Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.3.0.15
Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
12.

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.

 

(in thousands except per share data)    Three Months
Ended
Sep. 30, 2011
     Three Months
Ended
Sep. 30, 2010
     Nine Months
Ended
Sep. 30, 2011
     Nine Months
Ended
Sep. 30, 2010
 

Numerator:

           

Net income from continuing operations attributable to common shareholders

     $  2,339          $  8,923            $  20,336            $  24,549      

Denominator:

           

Denominator for basic earnings per share – weighted average shares

     27,593          27,485            27,564            27,465      

Effect of Dilutive Securities:

           

  Stock options, warrants and non-vested stock

     41          40            44            39      
  

 

 

    

 

 

    

 

 

    

 

 

 

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

     27,634          27,525            27,608            27,504      

Basic earnings per common share from continuing operations attributable to common shareholders

     $      0.08           $      0.32            $      0.74            $       0.89      

Basic earnings per common share attributable to common shareholders

     $       0.08          $      0.32             $      0.74             $      1.17       

Diluted earnings per common share from continuing operations attributable to common shareholders

     $       0.08           $       0.32            $      0.74            $       0.89      

Diluted earnings per common share attributable to common shareholders

     $       0.08           $       0.32             $      0.74             $       1.17       

 

Not included in the effect of dilutive securities above are 309,768 stock options and 141,482 unvested restricted shares for the three months ended September 30, 2011, and 318,268 stock options and 175,889 unvested restricted shares for the three months ended September 30, 2010, because their effect would be antidilutive. Not included in the effect of dilutive securities above are 309,901 stock options and 147,131 unvested restricted shares for the nine months ended September 30, 2011, and 321,001 stock options and 150,100 unvested restricted shares for the nine months ended September 30, 2010, because their effect would be antidilutive.