Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if dilutive securities were exercised into common stock. Stock options, restricted stock and deferred stock units are considered dilutive securities. For the three-month period ending March 31, 2012 and March 31, 2011, 0.1 million shares of common stock were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	For the Three Months Ended
	March 31,
	2012		2011
Numerator:
Net income	$	15,112	$	20,447
Denominator:
Denominator for basic earnings per share—weighted average shares		41,574		45,478
Effect of dilutive securities:
Employee stock options and restricted units		846		1,178
Denominator for diluted earnings per share—Adjusted weighted average shares and the effect of dilutive securities		42,420		46,656
Net income per share:
Net income per share—basic	$	0.36	$	0. 45
Net income per share—diluted	$	0.36	$	0.44

Common Stock Repurchases

On February 24, 2012, the Board of Directors approved an expanded stock repurchase program authorizing the purchase of an additional $100.0 million of the Company's common stock. Depending on market and business conditions and other factors, the Company may continue or suspend purchasing its common stock at any time without notice. Acquired shares are included in the issued shares of the Company and treasury stock, but are not included in average shares outstanding when calculating earnings per share data. During the three-month periods ended March 31, 2012 and 2011, the Company repurchased 1,128,155 and 372,838 shares of USI's common stock at an aggregate cost of $33.6 million and $24.6 million, respectively. As of March 31, 2012, the Company had remaining Board authorization to repurchase approximately $91.0 million of USI common stock. During the first quarter of 2012 and 2011, the Company reissued 196,739 and 527,556 shares, respectively, of treasury stock to fulfill its obligations under its equity incentive plans.