Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

9. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Numerator:
Net income (loss) available to common shareholders	$	2,106	$	4,775	$	7,163	$	(732	)
Denominator:
Basic weighted average shares outstanding		15,397,476		15,188,963		15,345,529		15,165,942
Effect of dilutive securities: SARs and options		546,672		428,922		557,531		—
Convertible notes		1,148,303		144,328		1,029,066		—
Restricted stock		60,728		118,271		49,932		—
Diluted weighted average shares outstanding		17,153,179		15,880,484		16,982,058		15,165,942
Basic earnings (loss) per share	$	0.14	$	0.31	$	0.47	$	(0.05	)
Diluted earnings (loss) per share	$	0.12	$	0.30	$	0.42	$	(0.05	)

The Company has excluded the dilutive effect of stock options, stock appreciation rights, convertible notes and restricted stock for the six months ended June 30, 2010, due to a net operating loss for the period. As a result of the quarterly and year-to-date average stock price exceeding the conversion price of $21.78, the Company included 1,148,303 and 1,029,066 additional shares related to the convertible notes in the diluted weighted average common shares outstanding for the three and six months ended June 30, 2011, respectively. For the three months ended June 30, 2010, the Company included 144,328 additional shares related to the convertible notes in the diluted weighted average common shares outstanding.