Net Income Per Share

9 Months Ended

Sep. 30, 2011

Net Income Per Share

Net Income Per Share

NOTE 4 - NET INCOME PER SHARE

The following table reconciles basic and diluted net income per share for the three and nine months ended September 30:

(dollars and shares in thousands,		Three Months Ended		Three Months Ended
except per share data)		September 30, 2011		September 30, 2010
Basic Earnings Per Share
Net income	$	16,797	$	11,896
Weighted average common shares outstanding		94,492		86,795
Basic Earnings Per Share	$	0.18	$	0.13
Diluted Earnings Per Share
Net income	$	16,797	$	11,896
Weighted average common shares outstanding		94,492		86,795
Effect of dilutive securities:
Restricted stock (1)		277		126
Stock options (2)		16		10
Weighted average shares outstanding		94,785		86,931
Diluted Earnings Per Share	$	0.18	$	0.13
(dollars and shares in thousands,		Nine Months Ended		Nine Months Ended
except per share data)		September 30, 2011		September 30, 2010
Basic Earnings Per Share
Net income	$	50,246	$	32,488
Weighted average common shares outstanding		94,468		86,778
Basic Earnings Per Share	$	0.53	$	0.37
Diluted Earnings Per Share
Net income	$	50,246	$	32,488
Weighted average common shares outstanding		94,468		86,778
Effect of dilutive securities:
Restricted stock (1)		233		101
Stock options (2)		21		11
Weighted average shares outstanding		94,722		86,890
Diluted Earnings Per Share	$	0.53	$	0.37

(1) 2 and 0 shares of restricted stock and restricted stock units were not included in the computation of net income per diluted share for the third quarter ended September 30, 2011 and 2010, respectively, because the effect would be antidilutive. 5 and 70 shares of restricted stock and restricted stock units were not included in the computation of net income per diluted share for the nine months ended September 30, 2011 and 2010, respectively, because the effect would be antidilutive.

(2) Options to purchase 4,626 shares and 6,001 shares outstanding at September 30, 2011 and 2010, respectively, were not included in the computation of net income per diluted share for the third quarter ended September 30, 2011 and 2010, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. Options to purchase 4,605 and 6,001 shares outstanding at September 30, 2011 and 2010, respectively, were not included in the computation of net income per diluted share for the nine months ended September 30, 2011 and 2010, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive.