Computation of Basic and Diluted Earnings Per Share Under the Two-Class Method |
The following
table sets forth the computation of basic and diluted earnings per
share under the two-class method:
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Three months
ended
September
30, |
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Nine months
ended
September
30, |
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2011 |
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2010 |
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2011 |
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2010 |
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Numerator for basic and
diluted earnings per share:
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Net income
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$ |
36,911 |
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$ |
20,175 |
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$ |
97,019 |
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$ |
57,901 |
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Effect of reallocating
undistributed earnings of participating securities
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(212 |
) |
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(123 |
) |
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(562 |
) |
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(361 |
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Net income available under
the two-class method
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$ |
36,699 |
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$ |
20,052 |
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$ |
96,457 |
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$ |
57,540 |
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Denominator:
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Denominator for basic
earnings per share— weighted-average shares
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23,026,741 |
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22,966,617 |
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23,022,836 |
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22,968,492 |
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Effect of dilutive
securities:
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Employee stock options (See
Note 6)
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1,351 |
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2,936 |
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1,333 |
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4,055 |
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Deferred stock awards (See
Note 6)
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— |
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4,039 |
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— |
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4,028 |
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Dilutive potential common
shares
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1,351 |
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6,975 |
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1,333 |
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8,083 |
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Denominator for diluted
earnings per share— adjusted weighted-average
shares
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23,028,092 |
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22,973,592 |
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23,024,169 |
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22,976,575 |
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Basic earnings per
share
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$ |
1.59 |
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$ |
0.87 |
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$ |
4.19 |
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$ |
2.51 |
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Diluted earnings per
share
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$ |
1.59 |
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$ |
0.87 |
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$ |
4.19 |
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$ |
2.50 |
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