SHAREHOLDERS' EQUITY

3 Months Ended

Sep. 30, 2011

SHAREHOLDERS' EQUITY:

SHAREHOLDERS' EQUITY:

2. SHAREHOLDERS’ EQUITY:

Net Income Per Share:

The Company’s basic earnings per share is calculated as net income divided by weighted average common shares outstanding, excluding unvested outstanding RSAs and RSUs. The Company’s dilutive earnings per share is calculated as net income divided by weighted average common shares and common share equivalents outstanding, which includes shares issuable under the Company’s stock option plan and long-term incentive plan, and dilutive securities. Stock-based awards with exercise prices greater than the average market value of the Company’s common stock are excluded from the computation of diluted earnings per share. The Company’s dilutive earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive, along with the exclusion of interest expense, net of taxes. The impact of the convertible debt is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

The following table sets forth a reconciliation of shares used in the computation of basic and diluted earnings per share:

	For the Three Months Ended September 30,
	2011	2010
	(Shares in thousands)
Weighted average shares for basic earnings per share	56,849	56,629
Effect of dilutive securities:
Dilutive effect of stock-based compensation	249	174
Dilutive effect of convertible debt	—	11,158
Weighted average shares for diluted earnings per share	57,098	67,961

The following table sets forth the awards which are excluded from the various earnings per share calculations:

	For the Three Months Ended September 30,
	2011	2010
	(Shares in thousands)
Basic earnings per share:
RSAs (1)	858	923
RSUs (1)	215	215
	1,073	1,138
Diluted earnings per share:
Stock options (2)	826	900
SARs (2)	1,030	1,089
RSAs (2)	767	430
Shares issuable upon conversion of debt (3)	11,184	—
	13,807	2,419

(1)      Awards were not vested

(2)      Awards were anti-dilutive

(3)      Shares were anti-dilutive for the three months ended September 30, 2011.

The following table sets forth a reconciliation of the net income available to common shareholders and the net income for diluted earnings per share under the if-converted method:

	For the Three Months Ended September 30,
	2011		2010
	(Dollars in thousands)
Net income available to common shareholders	$	8,337	$	18,320
Effect of dilutive securities:
Interest on convertible debt, net of taxes	—		2,013
Net income for diluted earnings per share	$	8,337	$	20,333

Additional Paid-In Capital:

The change in additional paid-in capital during the three months ended September 30, 2011 was due to the following:

	(Dollars in thousands)
Balance, June 30, 2011	$	341,190
Stock-based compensation	2,440
Vested stock option expirations	(182		)
Other	(3		)
Balance, September 30, 2011	$	343,445

Comprehensive (Loss) Income:

Components of comprehensive (loss) income for the Company include net income, changes in fair market value of financial instruments designated as hedges of interest rate or foreign currency exposure and foreign currency translation charged or credited to the cumulative translation account within shareholders’ equity. Comprehensive (loss) income for the three months ended September 30, 2011 and 2010 was as follows:

	For the Three Months Ended September 30,
	2011			2010
	(Dollars in thousands)
Net income	$	8,337		$	18,320
Other comprehensive (loss) income:
Changes in fair market value of financial instruments designated as cash flow hedges of interest rate exposure, net of taxes	446			(64		)
Cumulative foreign currency translation	(20,553		)	14,796
Total comprehensive (loss) income	$	(11,770	)	$	33,052