Earnings Per Common Share

9 Months Ended

Sep. 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 "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 September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net Income attributed to:
Common stock	$	10,434	$	11,525	$	30,791	$	23,797
Participating restricted common stock		45		165		197		423
Total	$	10,479	$	11,690	$	30,988	$	24,220

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 September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Weighted-average shares outstanding – Basic:
Common stock		32,765		32,365		32,747		32,573
Participating restricted common stock		141		464		210		579
Total		32,906		32,829		32,957		33,152
Weighted-average shares outstanding – Diluted:
Common stock		32,887		32,625		32,937		32,834
Participating restricted common stock		141		464		210		579
Total		33,028		33,089		33,147		33,413

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

	Quarter Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Basic weighted-average common shares		32,765		32,365		32,747		32,573
Dilutive effect of common stock options		16		21		20		25
Dilutive effect of non-participating restricted common stock		106		239		170		236
Dilutive effect of 2010 Convertible Notes		—		—		—		—
Diluted weighted-average common shares		32,887		32,625		32,937		32,834

Potentially dilutive common shares related to stock options and non-participating unvested shares of restricted common stock of 0.6 million and 0.1 million, respectively, for the third quarter of 2011 and 2010, and 0.2 million and 0.1 million for the nine months ended September 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, which we fully extinguished in the third quarter of 2011, never had a dilutive effect on our EPS while they were outstanding.