EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

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 March 31,
	2012	2011
	(in thousands)
Weighted average common shares outstanding - basic	23,609	23,428
Dilutive effect of share-based compensation:
Restricted stock	212	—
SARs	65	—
Non employee director deferred compensation	3	—
Weighted average common and common share equivalents outstanding - diluted	23,889	23,428

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 March 31,
	2012	2011
	(in thousands)
Weighted average common share equivalents excluded from diluted earnings
per share due to their anti-dilutive effect:
Restricted stock	27	603
Stock options	7	10
SARs	19	64
Convertible debt	—	161
Non employee director deferred compensation	—	3
Total anti-dilutive common share equivalents	53	841

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 average price did not exceed $42.40 per share during the three months ended 2012 or 2011.