Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net Income attributed to:
Common stock	$	11,870	$	8,971	$	23,651	$	20,357
Participating restricted common stock		—		44		25		152
Total	$	11,870	$	9,015	$	23,676	$	20,509

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,
	2012		2011		2012		2011
Weighted-average shares outstanding – Basic:
Common stock		32,194		32,866		32,293		32,738
Participating restricted common stock		1		161		34		244
Total		32,195		33,027		32,327		32,982
Weighted-average shares outstanding – Diluted:
Common stock		32,309		33,072		32,435		32,962
Participating restricted common stock		1		161		34		244
Total		32,310		33,233		32,469		33,206

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,
	2012		2011		2012		2011
Basic weighted-average common shares		32,194		32,866		32,293		32,738
Dilutive effect of common stock options		9		22		12		22
Dilutive effect of non-participating restricted common stock		106		184		130		202
Dilutive effect of 2010 Convertible Notes		—		—		—		—
Diluted weighted-average common shares		32,309		33,072		32,435		32,962

Potentially dilutive common shares related to stock options and non-participating unvested shares of restricted common stock of 0.6 million and zero, respectively, for the second quarter of 2012 and 2011, and 0.5 million and zero for the six months ended June 30, 2012 and 2011, 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.