Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

8. 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,
	2012		2011		2012		2011
Numerator:
Net income available to common shareholders	$	8,339	$	2,106	$	20,651	$	7,163
Denominator:
Basic weighted average shares outstanding		15,571,207		15,397,476		15,522,492		15,345,529
Effect of dilutive securities:
SARs and options		445,178		546,672		447,932		557,531
Convertible notes		1,155,920		1,148,303		965,967		1,029,066
Restricted stock		37,872		60,728		27,691		49,932
Diluted weighted average shares outstanding		17,210,177		17,153,179		16,964,082		16,982,058
Basic earnings per share	$	0.54	$	0.14	$	1.33	$	0.47
Diluted earnings per share	$	0.48	$	0.12	$	1.22	$	0.42

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. For the three months ended June 30, 2012 and 2011, 127,014 and 157,934 shares of restricted stock and stock options, respectively, and 177,758 and 88,677 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. For the six months ended June 30, 2012 and 2011, 131,267 and 174,588 shares of restricted stock and stock options, respectively, and 157,084 and 66,073 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.