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Computation of Earnings Per Share
12 Months Ended
Dec. 31, 2012
COMPUTATION OF EARNINGS PER SHARE [Abstract]  
Computation of Earnings Per Share
COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each year. The computation of diluted earnings per share includes the common stock equivalency of dilutive options granted to employees under the Stock Incentive Plan.

Excluded from the diluted earnings per share calculation for the years ended December 31, 2012, 2011 and 2010, respectively, are 338,248, 265,026 and 471,688 shares associated with equity awards granted to employees that are anti-dilutive based on the average stock price.
17. COMPUTATION OF EARNINGS PER SHARE (CONTINUED)

   
 
For the Year Ended December 31,
  
 
2012
 
2011
 
2010
In thousands, except per share amounts
 
 
 
 
 
 
Earnings from continuing operations
 
$
53,928

 
$
49,928

 
$
35,481

Earnings from discontinued operations, net of tax
 
(226
)
 
1,214

 
130

Gain on disposal of discontinued operations, net of tax
 
1,323

 

 

Net earnings
 
$
55,025

 
$
51,142

 
$
35,611

 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
Weighted average number of shares outstanding
 
26,425

 
26,246

 
25,928

 
 
 
 
 
 
 
Earnings per share from continuing operations
 
$
2.04

 
$
1.90

 
$
1.37

Earnings per share from discontinued operations
 
(0.01
)
 
0.05

 

Earnings per share from disposal of discontinued operations
 
0.05

 

 

Basic earnings per share
 
$
2.08

 
$
1.95

 
$
1.37

Diluted:
 
 

 
 

 
 

Weighted average number of shares outstanding
 
26,425

 
26,246

 
25,928

Weighted average shares issuable on exercise of dilutive stock options
 
162

 
223

 
176

Weighted average shares issuable on exercise of convertible notes
 
35

 
31

 

Total
 
26,622

 
26,500

 
26,104

 
 
 
 
 
 
 
Earnings per share from continuing operations
 
$
2.03

 
$
1.88

 
$
1.36

Earnings per share from discontinued operations
 
(0.01
)
 
0.05

 

Earnings per share from disposal of discontinued operations
 
0.05

 

 

Diluted earnings per share
 
$
2.07

 
$
1.93

 
$
1.36



In November 2010, the Company issued Convertible Notes due on November 15, 2017, in the aggregate principal amount of $115.0 million. Shares issuable under the Convertible Notes were excluded from the diluted earnings per share calculation for the year ended December 31, 2010, because the conversion price was greater than the average market price of our stock during the period. Excluded from the diluted earnings per share calculation for the year ended December 31, 2012, are 3,396,841 and for the years ended December 31, 2011 and 2010 are 3,386,739 shares, issuable under the warrants sold in connection with the Company’s convertible note offering as they would be anti-dilutive.