Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

8. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CCA diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted stock-based compensation and stock options.

A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data):

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2011		2010			2011		2010
NUMERATOR
Basic:
Income from continuing operations	$	42,418	$	37,609		$	82,748	$	71,781
Loss from discontinued operations, net of tax		—		(991	)		—		(257	)
Net income	$	42,418	$	36,618		$	82,748	$	71,524
Diluted:
Income from continuing operations	$	42,418	$	37,609		$	82,748	$	71,781
Loss from discontinued operations, net of tax		—		(991	)		—		(257	)
Diluted net income	$	42,418	$	36,618		$	82,748	$	71,524
DENOMINATOR
Basic:
Weighted average common shares outstanding		106,977		112,980			107,828		114,163
Diluted:
Weighted average common shares outstanding		106,977		112,980			107,828		114,163
Effect of dilutive securities:
Stock options		622		770			657		804
Restricted stock-based compensation		129		123			146		139
Weighted average shares and assumed conversions		107,728		113,873			108,631		115,106
BASIC EARNINGS PER SHARE:
Income from continuing operations	$	0.40	$	0.33		$	0.77	$	0.63
Loss from discontinued operations, net of tax		—		(0.01	)		—		—
Net income	$	0.40	$	0.32		$	0.77	$	0.63
DILUTED EARNINGS PER SHARE:
Income from continuing operations	$	0.39	$	0.33		$	0.76	$	0.62
Loss from discontinued operations, net of tax		—		(0.01	)		—		—
Net income	$	0.39	$	0.32		$	0.76	$	0.62