Net Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Net Earnings Per Common Share

Net Earnings Per Common Share

The following table sets forth the computation of basic and diluted net earnings per common share.

	2011			2010		2009
	(In thousands except per share data)
Basic
Average common shares outstanding	31,958			32,393		31,969
Net earnings (loss)	$	(4,113	)	$	25,341	$	41,179
Net earnings per common share	$	(0.13	)	$	0.78	$	1.29
Diluted
Average common shares outstanding	31,958			32,393		31,969
Shares related to convertible debt	—			163		—
Stock options and awards	—			138		27
Average common shares assuming dilution	31,958			32,694		31,996
Net earnings (loss)	$	(4,113	)	$	25,341	$	41,179
Net earnings (loss) per common share	$	(0.13	)	$	0.78	$	1.29

At December 31, 2011, 2010, and 2009, 2,355,567, 2,396,061 and 4,230,630 shares associated with stock options, respectively were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2011, the majority of the anti-dilutive shares were granted at an exercise price of $24.45, which was lower than the average fair market value price of $27.4 for 2011. For the 2011 Net Earnings per Share calculation, all of the shares associated with stock options were anti-dilutive because of the company's loss. In 2010, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $25.82 for 2010. In 2009, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $19.42 for 2009. Shares necessary to settle a conversion spread on the convertible notes were included in the common shares assuming dilution as the average market price of the company stock for 2010 did exceed the conversion price, which was not the case in 2011 and 2009.