EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

EARNINGS PER SHARE

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



	Three Months Ended September 30,		Nine Months Ended September 30,
	2011	2010	2011	2010
	(in thousands)

Weighted average common shares outstanding - basic	23,569	19,250	23,497	19,218
Dilutive effect of share-based compensation:
Restricted stock	162	109	167	80
SARs	49	39	45	13
Non employee director deferred compensation	3	8	3	8
Weighted average common and common share equivalents outstanding - diluted	23,783	19,406	23,712	19,319

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 September 30,		Nine Months Ended September 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	198	130	173	266
Stock options	9	10	10	10
SARs	29	—	23	—
Total anti-dilutive common share equivalents	236	140	206	276

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 nine months ended 2011.