Net Income Per Share

6 Months Ended

Jun. 30, 2012

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)	2012		2011		2012		2011
Basic		81,095		80,451		80,938		80,250
Assumed dilution under stock plans		687		1,038		789		1,070
Diluted		81,782		81,489		81,727		81,320

Stock options and stock settled appreciation rights (“SSAR’s”) to purchase 113,000 shares were outstanding as of June 30, 2012, but were not included in the computation of diluted net income per share since the impact was anti-dilutive. There were no stock options or SSAR’s excluded from the computation of diluted income per share for the three and six months ended June 30, 2011.

The Company has issued shares of purchased restricted common stock (“PRS”) which contain rights to nonforfeitable dividends while these shares are outstanding 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. The Company 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 presented and the number of PRS outstanding as of June 30, 2012 and 2011 was immaterial (approximately 0.7% and 0.6% of the total number of common shares outstanding as of June 30, 2012 and 2011, respectively). Net income allocated to such PRS was $0.5 million and $0.4 million during the three months ended June 30, 2012 and 2011, respectively and $1.1 and $1.0 million during the six months ended June 30, 2012 and 2011, respectively.