EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.

Diluted earnings per share is calculated by dividing net income adjusted for interest expense on convertible debt by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, warrants, restricted shares and convertible debt, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net income - basic earnings per share	$	22,362	$	17,922	$	39,537	$	33,902
Interest expense on convertible debt		5		5		10		10

Net income after assumed conversion – diluted earnings per share	$	22,367	$	17,927	$	39,547	$	33,912


Basic weighted average common shares outstanding		123,254,895		113,878,018		121,732,522		113,814,527
Net effect of dilutive stock options, warrants, restricted stock and convertible debt		839,894		437,156		800,164		374,751

Diluted weighted average common shares outstanding		124,094,789		114,315,174		122,532,686		114,189,278


Basic earnings per share	$	0.18	$	0.16	$	0.32	$	0.30

Diluted earnings per share	$	0.18	$	0.16	$	0.32	$	0.30

For the three months ended June 30, 2011 and 2010, 336,573 and 720,194 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per share because the exercise price of the shares was greater than the average market price of the common shares and therefore, the effect would be antidilutive. For the six months ended June 30, 2011 and 2010, 356,393 and 889,474 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per share because the exercise price of the shares was greater than the average market price of the common shares and therefore, the effect would be antidilutive.