XML 40 R20.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
Note 14. Earnings Per Share
Basic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock options, stock appreciation rights, restricted stock, common stock units and shares held in a rabbi trusts using the treasury stock method.
The number of shares used in the earnings per share computation are as follows (in thousands):
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
Basic:
                               
Weighted average common shares outstanding
    46,241       46,601       46,359       45,604  
Diluted:
                               
Dilutive effect of stock options, stock appreciation rights, restricted stock, common stock units and shares held in a rabbi trust
    52       47       104       108  
 
                       
Total weighted average diluted shares outstanding
    46,293       46,648       46,463       45,712  
 
                       
 
                               
Anti-dilutive shares excluded from the diluted earnings per share calculation (1)
    271       346       298       94  
 
                       
 
(1)  
Impact of outstanding options to purchase shares of common stock and stock appreciation rights were anti-dilutive and were excluded from the calculation of diluted earnings per share.
On August 5, 2002, the Company’s Board of Directors authorized the Company to purchase up to 3.0 million shares of its outstanding common stock. A total of 2.5 million shares have been repurchased under this program since inception. The shares are purchased, from time to time, through open market purchases or in negotiated private transactions, and the purchases are based on factors, including but not limited to, the stock price and general market conditions. The shares repurchased during the six months ended June 30, 2011 and 2010 were as follows (in thousands, except per share amounts):
                                 
    Total Number                     Total Cost of  
    of Shares     Range of Prices Paid Per Share     Shares  
For the Six Months Ended Purchased     Low     High     Repurchased  
June 30, 2011
    300     $ 18.24     $ 18.53     $ 5,512  
June 30, 2010
    300     $ 16.92     $ 17.60     $ 5,212