Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

4.     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 "Income Statement or Income Statements"). 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 March 31,
	2012		2011
Net Income attributed to:
Common stock	$	11,782	$	11,380
Participating restricted common stock		24		114
Total	$	11,806	$	11,494

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 March 31,
	2012		2011
Weighted-average shares outstanding – Basic:
Common stock		32,392		32,610
Participating restricted common stock		66		327
Total		32,458		32,937
Weighted-average shares outstanding – Diluted:
Common stock		32,561		32,852
Participating restricted common stock		66		327
Total		33,627		33,179

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

	Quarter Ended March 31,
	2012		2011
Basic weighted-average common shares		32,392		32,610
Dilutive effect of common stock options		15		21
Dilutive effect of non-participating restricted common stock		154		221
Dilutive effect of 2010 Convertible Notes		—		—
Diluted weighted-average common shares		32,561		32,852

Potentially dilutive common shares related to stock options and non-participating unvested shares of restricted common stock of 0.5 million and zero, respectively, for the first quarters of 2012 and 2011, 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.