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Net Income Per Share
6 Months Ended
Jun. 30, 2011
Net Income Per Share  
Net Income Per Share
 

Note 2. Net Income Per Share:

Net income per share is based on the weighted average number of shares outstanding. A reconciliation of the shares used in the computation of basic and diluted net income per share is as follows:

 

     Three Months Ended June 30,      Six Months Ended June 30,  

(Shares in thousands)

   2011      2010      2011      2010  

Basic

     80,451         79,188         80,250         78,978   

Assumed dilution under stock plans

     1,038         923         1,070         924   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

     81,489         80,111         81,320         79,902   
  

 

 

    

 

 

    

 

 

    

 

 

 

Stock options and stock settled appreciation rights ("SSAR's") to purchase 25,000 and 249,000 shares were outstanding as of June 30, 2011 and 2010, respectively, but were not included in the computation of diluted net income per share for the respective period since the impact was anti-dilutive.

We have issued shares of purchased restricted stock ("PRS") which contain nonforfeitable rights to dividends and thus are considered participating securities which are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. We did not present the two-class method since the difference between basic and diluted net income per share for both common shareholders and PRS shareholders was less than $0.01 per share for each period and the number of PRS outstanding as of June 30, 2011 and 2010 was immaterial (approximately 0.6% of the total number of common shares outstanding for both periods). Net income allocated to such PRS was $0.4 million during both the three months ended June 30, 2011 and 2010 and $1.0 million and $0.8 million during the six months ended June 30, 2011 and 2010, respectively.