Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

5. EARNINGS PER COMMON SHARE

Basic and diluted earnings per common share ("EPS") amounts are presented on the face of the accompanying Condensed Consolidated Statements of Income. The amounts attributed to both common stock and participating restricted common stock used as the numerators in both the basic and diluted EPS calculations are as follows (in thousands):

	Quarter Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net Income attributed to:
Common stock	$	8,971	$	11,281	$	20,357	$	12,290
Participating restricted common stock		44		185		152		240
Total	$	9,015	$	11,466	$	20,509	$	12,530

The weighted-average shares outstanding used in the basic and diluted EPS denominators related to common stock and participating restricted common stock are as follows (in thousands):

	Quarter Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Weighted-average shares outstanding – Basic:
Common stock		32,866		32,303		32,738		32,677
Participating restricted common stock		161		531		244		637
Total		33,027		32,834		32,982		33,314
Weighted-average shares outstanding – Diluted:
Common stock		33,072		32,562		32,962		32,938
Participating restricted common stock		161		531		244		637
Total		33,233		33,093		33,206		33,575

The reconciliation of the basic and diluted EPS denominators related to the common shares is included in the following table (in thousands):

	Quarter Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic weighted-average common shares		32,866		32,303		32,738		32,677
Dilutive effect of common stock options		22		23		22		26
Dilutive effect of non-participating restricted common stock		184		236		202		235
Dilutive effect of 2010 Convertible Notes		—		—		—		—
Dilutive effect of 2004 Convertible Debt Securities		—		—		—		—
Diluted weighted-average common shares		33,072		32,562		32,962		32,938

Potentially dilutive common shares related to stock options and non-participating unvested shares of restricted common stock of zero and 0.1 million, respectively, for the second quarter of 2011 and 2010, and zero and 0.2 million for the six months ended June 30, 2011 and 2010, respectively, were excluded from the computation of diluted EPS related to common shares as their effect was antidilutive.

The 2010 Convertible Notes have a dilutive effect only in those quarterly periods in which our average stock price exceeds the current effective conversion price of $24.45 per share. The 2004 Convertible Debt Securities have a dilutive effect only in those quarterly periods in which our average stock price exceeds the current effective conversion price of $26.77 per share. See Note 7 for additional discussion of our convertible debt.