Net Income Per Share

6 Months Ended

Jun. 30, 2012

Net Income Per Share [Abstract]

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 six months ended June 30:

(dollars and shares in thousands,		Three Months Ended		Three Months Ended
except per share data)		June 30, 2012		June 30, 2011
Basic Earnings Per Share
Net income	$	27,206	$	17,016
Weighted average common shares outstanding		94,514		94,479
Basic Earnings Per Share	$	0.29	$	0.18
Diluted Earnings Per Share
Net income	$	27,206	$	17,016
Weighted average common shares outstanding		94,514		94,479
Effect of dilutive securities:
Restricted stock (1)		339		203
Stock options (2)		18		19
Weighted average shares outstanding		94,871		94,701
Diluted Earnings Per Share	$	0.29	$	0.18

(dollars and shares in thousands,		Six Months Ended		Six Months Ended
except per share data)		June 30, 2012		June 30, 2011
Basic Earnings Per Share
Net income	$	48,929	$	33,449
Weighted average common shares outstanding		94,479		94,456
Basic Earnings Per Share	$	0.52	$	0.35
Diluted Earnings Per Share
Net income	$	48,929	$	33,449
Weighted average common shares outstanding		94,479		94,456
Effect of dilutive securities:
Restricted stock (1)		350		194
Stock options (2)		18		24
Weighted average shares outstanding		94,847		94,674
Diluted Earnings Per Share	$	0.52	$	0.35

(1) 0 and 1 shares of restricted stock and restricted stock units were not included in the computation of net income per diluted share for the second quarter ended June 30, 2012 and 2011, respectively, because the effect would be antidilutive. 1 and 87 shares of restricted stock and restricted stock units were not included in the computation of net income per diluted share for the six months ended June 30, 2012 and 2011, respectively, because the effect would be antidilutive.

(2) Options to purchase 3,113 shares and 4,606 shares outstanding at June 30, 2012 and 2011, respectively, were not included in the computation of net income per diluted share for the second quarter ended June 30, 2012 and 2011, 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 3,106 and 4,606 shares outstanding at June 30, 2012 and 2011, respectively, were not included in the computation of net income per diluted share for the six months ended June 30, 2012 and 2011, 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.