| Shareholders' Equity and Share-based Payments, Including Earnings Per Share Information |
Common Stock Repurchase Program. No shares of common stocks were repurchased during the first quarter of 2012. Details regarding the Company’s stock repurchase program are presented below: | | | | | | | | | Since 1999 (a) | | Authorized Shares | Shares repurchased | 25,406,184 |
| | | Cost, including commission (in thousands) | $ | 423,647 |
| | | Total remaining shares available for repurchase at March 31, 2012 | | | 393,816 |
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_______________________ | | (a) | Represents repurchased shares and cost since inception of the stock repurchase program in 1999. |
The Company may in the future make purchases of its common stock pursuant to its authorized programs in open market transactions at prevailing prices and may engage in private transactions, where appropriate. The repurchased shares will be available for issuance under employee benefit and stock incentive plans, or may be retired. Dividend Policy. On March 30, 2012, the Company paid $8.8 million of quarterly dividends to shareholders. | | | | | | | | | | | | | | | | | Basic and Diluted Earnings Per Share. The basic and diluted earnings per share are presented below (in thousands except for share data): | | Three Months Ended March 31, | | Twelve Months Ended March 31, | | 2012 | | 2011 | | 2012 | | 2011 | Weighted average number of common shares outstanding: | | | | | | | | Basic number of common shares outstanding | 39,911,032 |
| | 42,308,097 |
| | 40,756,509 |
| | 42,776,922 |
| Dilutive effect of unvested performance awards | 66,201 |
| | 169,426 |
| | 180,851 |
| | 126,051 |
| Dilutive effect of stock options | 22,276 |
| | 45,762 |
| | 24,647 |
| | 61,217 |
| Diluted number of common shares outstanding | 39,999,509 |
| | 42,523,285 |
| | 40,962,007 |
| | 42,964,190 |
| Basic net income per common share: | | | | | | | | Net income | $ | 3,344 |
| | $ | 6,775 |
| | $ | 100,108 |
| | $ | 95,929 |
| Income allocated to participating restricted stock | (24 | ) | | (28 | ) | | (440 | ) | | (391 | ) | Net income available to common shareholders | $ | 3,320 |
| | $ | 6,747 |
| | $ | 99,668 |
| | $ | 95,538 |
| Diluted net income per common share: | | | | | | | | Net income | $ | 3,344 |
| | $ | 6,775 |
| | $ | 100,108 |
| | $ | 95,929 |
| Income reallocated to participating restricted stock | (24 | ) | | (28 | ) | | (439 | ) | | (390 | ) | Net income available to common shareholders | $ | 3,320 |
| | $ | 6,747 |
| | $ | 99,669 |
| | $ | 95,539 |
| Basic net income per common share: | | | | | | | | Distributed earnings | $ | 0.22 |
| | $ | — |
| | $ | 0.88 |
| | $ | — |
| Undistributed earnings | (0.14 | ) | | 0.16 |
| | 1.57 |
| | 2.23 |
| Basic net income per common share | $ | 0.08 |
| | $ | 0.16 |
| | $ | 2.45 |
| | $ | 2.23 |
| Diluted net income per common share: | | | | | | | | Distributed earnings | $ | 0.22 |
| | $ | — |
| | $ | 0.88 |
| | $ | — |
| Undistributed earnings | (0.14 | ) | | 0.16 |
| | 1.55 |
| | 2.22 |
| Diluted net income per common share | $ | 0.08 |
| | $ | 0.16 |
| | $ | 2.43 |
| | $ | 2.22 |
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| | | | | | | | | | | | | The amount of restricted stock awards, performance shares and stock options excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below: | | Three Months Ended | | Twelve Months Ended | | March 31, | | March 31, | | 2012 | | 2011 | | 2012 | | 2011 | Restricted stock awards | 59,800 |
| | 94,076 |
| | 73,084 |
| | 78,792 |
| Performance shares (a) | — |
| | — |
| | — |
| | 24,225 |
| Stock options | — |
| | — |
| | — |
| | — |
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______________________ | | (a) | Performance shares were excluded from the computation of diluted earnings per share, as no payouts would have been required based upon performance at the end of the corresponding period. This amount assumes a 100% performance level payout. |
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