Net Income Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Net Income Per Common Share

Note C. Net Income Per Common Share

Companies are required to present basic and diluted earnings per share. Basic net income per share is computed by dividing net income attributable to Standard Parking Corporation by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is based upon the weighted average number of shares of common stock outstanding for the period plus dilutive potential common shares, including stock options and restricted stock units using the treasury-stock method.

A reconciliation of the weighted average basic shares outstanding to the weighted average diluted shares outstanding is as follows:

	Year Ended December 31,
	2011		2010		2009
	(In thousands except for share and per share data)
Net income attributable to Standard Parking Corporation	$	17,900	$	16,840	$	14,092
Weighted average basic shares outstanding		15,703,595		15,579,352		15,292,412
Effect of dilutive stock options and restricted stock units		344,284		365,310		391,113
Weighted average diluted shares outstanding		16,047,879		15,944,662		15,683,525
Net income per share:
Basic	$	1.14	$	1.08	$	0.92
Diluted	$	1.12	$	1.06	$	0.90

There were no anti-dilutive options for the years ended December 31, 2011 and 2010. There were 19,068 anti-dilutive options excluded in the computation of diluted earnings per share for the year ended December 31, 2009 because the options’ exercise prices were greater than the average market price of the common stock.

For the year ended December 31, 2009, 9,205 shares of performance based restricted stock were not included in the computation of weighted average diluted common share amounts because the number of shares ultimately issuable is contingent on the Company’s performance goals, which were not achieved as of those dates. The plan was completed as of December 31, 2009, and during the second quarter of 2010, all non-awarded shares were returned to the pool of generally available shares available for future use under the Long-Term Incentive Plan.

There are no additional securities that could dilute basic EPS in the future that were not included in the computation of diluted EPS, other than those disclosed.