EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

The following is a reconciliation of weighted average diluted shares outstanding.

	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
	(in thousands)
Weighted average common shares outstanding - basic	23,491	19,213	23,460	19,202
Dilutive effect of share-based compensation:
Restricted stock	181	—	—	86
SARs	48	—	—	—
Non employee director deferred compensation	3	—	—	8
Weighted average common and common share equivalents outstanding - diluted	23,723	19,213	23,460	19,296

The following table sets forth the weighted average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.

	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
	(in thousands)
Weighted average common share equivalents excluded from diluted earnings
per share due to their anti-dilutive effect:
Restricted stock	102	434	587	181
Stock options	10	10	10	10
SARs	32	57	77	57
Non employee director deferred compensation	—	8	3	—
Total anti-dilutive common share equivalents	144	509	677	248

In November 2010, we issued 115,000 convertible senior notes, $1,000 principal amount, that give the holders the right to convert the principal amount into 2.7 million common shares at a conversion price of $42.40 per share. The convertible notes could have a dilutive impact on our earnings per share if the average market share price exceeds the conversion price. The table above does not include those shares issuable upon conversion as the average share price of our common stock did not exceed the conversion price during the three and six months ended 2011.