EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE

15. EARNINGS PER SHARE

Basic EPS is computed by dividing the net income applicable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the same period. Our Series A-1 Preferred, Series A-2 Preferred, Series A-3 Preferred, restricted stock units and puttable common stock were considered participating securities since these securities had non-forfeitable rights to dividends or dividend equivalents during the contractual period of the award and thus required the two-class method of computing EPS. When calculating diluted EPS, the numerator is computed by adding back the undistributed earnings allocated to the participating securities in arriving at the basic EPS and then reallocating such undistributed earnings among the company’s common stock, participating securities and the potential common shares that result from the assumed exercise of all dilutive options. The denominator is increased to include the number of additional common shares that would have been outstanding had the options been issued.

The following table sets forth the computation of basic and diluted earnings per share as follows:

	2012			2011			2010
Numerator for common earnings per share:
Net income	$	54,484		$	44,353		$	28,308
Accretion of preferred stock		—			(17,563	)		(1,432	)
Net income allocated to participating securities		(3,341	)		(15,025	)		(17,984	)
Effect on income available from redemption of preferred stock		—			—			5,418
Numerator for basic (common) earnings per share		51,143			11,765			14,310
Effect on income available from reallocation of options		261			1,185			996
Numerator for diluted (common) earnings per share	$	51,404		$	12,950		$	15,306
Numerator for (puttable common) earnings per share:
Net income allocated to basic (puttable common)		—			26			118
Effect on income available from reallocation of options		—			(12	)		(7	)
Numerator for diluted (puttable common) earnings per share		—			14			111
Denominator for basic (common) earnings per share:
Weighted average common shares outstanding		40,190			17,094			17,056
Effect of dilutive securities:
Stock options		3,631			3,379			2,258
Denominator for diluted (common) earnings per share		43,821			20,473			19,314
Denominator for basic and diluted (puttable common) earnings per share:
Weighted average puttable common shares outstanding		—			18			141
Earnings per share:
Basic (common)	$	1.27		$	0.69		$	0.84
Basic (puttable common)	$	—		$	1.42		$	0.84
Diluted (common)	$	1.17		$	0.63		$	0.79
Diluted (puttable common)	$	—		$	0.77		$	0.79
Excluded Options due to Anti-Dilutive		1,534			572			1,803