Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

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
	March 31,
	2012		2011
Net income - basic earnings per share	$	21,582	$	17,175
Interest expense on convertible debt		5		5
Net income after assumed conversion – diluted earnings per share	$	21,587	$	17,180
Basic weighted average common shares outstanding		138,898,581		120,193,233
Net effect of dilutive stock options, warrants, restricted stock and convertible debt		1,488,044		759,740
Diluted weighted average common shares outstanding		140,386,625		120,952,973
Basic earnings per share	$	0.16	$	0.14
Diluted earnings per share	$	0.15	$	0.14

For the three months ended March 31, 2012 and 2011, 120,627 and 377,153 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.