Note 2 - Earnings per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

Note 2 – Earnings per Share

The following table presents the reconciliation of the numerator and denominator for calculating earnings per share:

	Second Quarter				First Half
(In thousands, except per share data)	2012		2011		2012		2011
Basic EPS:
Net income	$	14,463	$	19,280	$	30,097	$	35,134
Weighted average number of common shares outstanding		88,600		89,791		89,536		89,707
Basic income per common share	$	0.16	$	0.21	$	0.34	$	0.39
Diluted EPS:
Net income	$	14,463	$	19,280	$	30,097	$	35,134
Assumed conversions of Senior Notes		1,283		1,241		2,539		2,438
Adjusted net income	$	15,746	$	20,521	$	32,636	$	37,572
Weighted average number of common shares outstanding-basic		88,600		89,791		89,536		89,707
Add:   Dilutive effect of stock options and restricted stock awards		457		1,061		561		739
Dilutive effect of Senior Notes		15,682		15,682		15,682		15,682
Diluted weighted average number of common shares outstanding		104,739		106,534		105,779		106,128
Diluted income per common share	$	0.15	$	0.19	$	0.31	$	0.35
Stock options and warrants excluded from calculation of diluted earnings per share because anti-dilutive for the period		2,440		2,536		2,123		3,731

Weighted average dilutive stock options and restricted stock outstanding totaled approximately 2.9 million and 4.2 million shares for the second quarter of 2012 and 2011, respectively, and 2.9 million and 3.2 million for the first half of 2012 and 2011, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period.