Net Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Net Earnings Per Common 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 for the periods indicated (amounts in thousands, except per share amounts).

	Three Months Ended  September 30,				Nine Months Ended  September 30,
	2011		2010		2011		2010
	(In thousands, except per share data)
Basic
Average common shares outstanding		31,873		32,431		31,999		32,389
Net earnings	$	12,800	$	15,598	$	30,915	$	18,093
Net earnings per common share	$	0.40	$	0.48	$	0.97	$	0.56
Diluted
Average common shares outstanding		31,873		32,431		31,999		32,389
Stock options and awards		251		93		382		99
Shares related to convertible debt		67		0		330		41
Average common shares assuming dilution		32,191		32,524		32,711		32,529
Net earnings	$	12,800	$	15,598	$	30,915	$	18,093
Net earnings per common share	$	0.40	$	0.48	$	0.95	$	0.56

At September 30, 2011, 2,760,783 and 2,510,535 shares were excluded from the average common shares assuming dilution for the three and nine months ended September 30, 2011, respectively, as they were anti-dilutive since the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the Company's average stock prices of $27.18 and $29.79 for the three and nine months ended September 30, 2011, respectively. At September 30, 2010, 3,877,362 and 3,425,015 shares were excluded from the average common shares assuming dilution for the three and nine months ended September 30, 2010 as they were anti-dilutive since the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the Company's stock prices of $23.28 and $24.99 for the three and nine months ended September 30, 2010, respectively.

The Company included the impact of 67,000 and 330,000 shares, for the three and nine months ended September 30, 2011, respectively, necessary to settle the conversion spread related to the Company's 4.125% Senior Subordinated Convertible Debentures due 2027 compared to zero and 41,000 shares for the three and nine months ended September 30, 2010, respectively. This is attributable to the Company's average stock price during the first three and nine months of both years being greater than the conversion price of $24.79, established under the indenture governing the convertible debentures. The dilutive impact of the convertible debt on diluted earnings per share is directly affected by changes in the Company's stock price and thus increased dilution in the future is possible if the Company's stock price increases.