Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

9. Earnings Per Share

ASC Topic 260, “Earnings Per Share”, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested restricted stock awards are participating securities. Accordingly, earnings per common share are computed using the two-class method.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method:

	2011			2010			2009
Numerator for basic and diluted earnings per share:
Net income	$	130,136		$	78,716		$	52,810
Effect of reallocating undistributed earnings of participating securities		(749	)		(485	)		(304	)
Net income available under the two-class method	$	129,387		$	78,231		$	52,506
Denominator:
Denominator for basic earnings per share—weighted-average shares		23,011,087			22,969,360			23,097,105
Effect of dilutive securities:
Employee stock options (See Note 8)		1,332			3,802			8,723
Deferred stock awards (See Note 8)		—			4,034			5,864
Dilutive potential common shares		1,332			7,836			14,587
Denominator for diluted earnings per share—adjusted weighted-average shares		23,012,419			22,977,196			23,111,692
Basic earnings per share	$	5.62		$	3.41		$	2.27
Diluted earnings per share	$	5.62		$	3.40		$	2.27