Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings Per Share

Diluted earnings per share includes common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the "if converted" method for participating securities if the result is dilutive. The two-class method of calculating diluted earnings per share is used whether the "if converted" result is dilutive or anti-dilutive.

The calculation of basic and diluted EPS for the years ended December 31, 2011, 2010 and 2009 are presented below.

	For the Year Ended December 31,
	2011			2010			2009
	(In thousands, except per share amounts)
Basic EPS:
Net income	$	24,125		$	34,606		$	47,563
Redemption Premium		—			—			(875	)
Income available to common shareholders	$	24,125		$	34,606		$	46,688
Amount allocable to common shareholders		100.0	%		100.0	%		94.1	%
Income allocable to common shareholders	$	24,125		$	34,606		$	43,933
Weighted-average common shares outstanding		18,250			18,637			18,860
Basic earnings per share	$	1.32		$	1.86		$	2.33
Diluted EPS:
Income allocable to common shareholders	$	24,125		$	34,606		$	43,933
Weighted average common shares outstanding		18,250			18,637			18,860
Diluted effect:
Stock options		440			449			396
Restricted stock		11			9			12
Weighted average diluted shares outstanding		18,701			19,095			19,268
Diluted earnings per share	$	1.29		$	1.81		$	2.28

The table below sets forth the calculation of the percentage of net income allocable to common shareholders, or the "portion allocable to common shareholders." Under the two-class method, unvested stock options, and out-of-money vested stock options are not considered to be participating securities.

	Years Ended
	2011			2010			2009
Numerator:
Basic weighted average common shares		18,250,173			18,637,167			18,860,197
Add: Other common shares eligible for common dividends:
Weighted average restricted shares and stock options (including tax benefit component)		450,809			458,153			408,098
Weighted average participating common shares		18,700,982			19,095,320			19,268,295
Denominator:
Weighted average participating common shares		18,700,982			19,095,320			19,268,295
Add: Other classes of securities, including contingently issuable common shares and convertible preferred shares:
Weighted average common shares issuable upon conversion of Series C preferred shares		—			—			242,287
Weighted average common shares issuable upon conversion of Series D preferred shares		—			—			969,154
Weighted average participating shares		18,700,982			19,095,320			20,479,736
Portion allocable to common shareholders		100.0	%		100.0	%		94.1	%