Earnings per Share

6 Months Ended

Jun. 30, 2012

Earnings per Share

Note 13. Earnings per Share

The Company calculates its basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner, but include the effect of dilutive securities, if any, from stock options and using the treasury stock method. To the extent these securities are anti-dilutive; they are excluded from the calculation of diluted earnings per share. The following table sets forth the calculations of basic and diluted earnings per share attributable to the stockholders of the Company (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Net income	$	33,699	$	19,583	$	39,887	$	22,788
Basic:
Weighted average common shares outstanding		139,522		139,479		139,505		138,807
Diluted:
Dilutive effect of stock options		118		1,237		147		1,005
Total weighted average diluted shares outstanding		139,640		140,716		139,652		139,812
Anti-dilutive shares excluded from the diluted earnings per share calculation(1)		4,257		—		4,277		—
Earnings per share:
Basic earnings per share	$	0.24	$	0.14	$	0.29	$	0.16
Diluted earnings per share	$	0.24	$	0.14	$	0.29	$	0.16

⁽¹⁾  Impact of outstanding options to purchase shares of the Company’s Class A common stock were anti-dilutive since the options exercise price was greater than the average market price of the common shares and were excluded from the calculation of diluted earnings per share.

As of June 30, 2012 and 2011, there were 6,005,914 and 5,906,758 options outstanding, respectively.