Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share [Abstract]

Earnings per Share

(5) Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share.

	Three Months Ended June 30,
	2011		2010
	(In thousands, except per share amounts)
Basic and diluted earnings per share:
Numerator:
Net income	$	3,243		3,185
Net income allocated to Class A common stock	$	3,210		3,153
Net income allocated to Class B common stock		33		32
Net income available to common stockholders	$	3,243		3,185
Denominator:
Weighted average shares of Class A outstanding - basic and diluted		48,689		48,687
Weighted average shares of Class B outstanding - basic and diluted		1,002		1,002
Basic and diluted earnings per share of Class A common stock	$	0.07		0.07
Basic and diluted earnings per share of Class B common stock		0.03		0.03

	Six Months Ended June 30,
	2011		2010
	(In thousands, except per share amounts)
Basic and diluted earnings per share:
Numerator:
Net income	$	5,023		4,790
Net income allocated to Class A common stock	$	4,972		4,741
Net income allocated to Class B common stock		51		49
Net income available to common stockholders	$	5,023		4,790
Denominator:
Weighted average shares of Class A outstanding - basic		48,688		48,687
Weighted average shares of Class A outstanding - diluted		48,704		48,687
Weighted average shares of Class B outstanding - basic and diluted		1,002		1,002
Basic earnings per share of Class A common stock	$	0.10		0.10
Basic earnings per share of Class B common stock		0.05		0.05
Diluted earnings per share of Class A common stock		0.08		0.10
Diluted earnings per share of Class B common stock		0.04		0.05

The diluted earnings per share calculation has assumptions regarding the exercise of the warrants issued to investors of the Class A-1 and A-2 preferred stock.  For the three months ended June 30, 2011, the calculation assumes the issue of 1,282 additional shares, causing a reduction in net income of $35,000 as those shares would no longer be outstanding.  The calculation produces no change in earnings per share.  The calculation for the six months ended June 30, 2011, assumes the issue of 16,173 additional shares with a reduction in net income of $1.1 million.  This calculation results in dilution of $0.02 per share of Class A common stock and $0.01 per share of Class B common stock for earnings per share of $0.08 per share of Class A common stock and $0.04 per share of Class B common stock.