Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

5. Earnings Per Share

Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s nonvested restricted stock are considered participating securities since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.

(in thousands)	Three months ended September 30,				Nine months ended September 30,
	2011		2010		2011		2010
Net income attributable to The Andersons, Inc.	$	10,925	$	1,394	$	73,409	$	38,828
Less: Distributed and undistributed earnings allocated to nonvested restricted stock		44		4		283		119
Earnings available to common shareholders	$	10,881	$	1,390	$	73,126	$	38,709
Earnings per share – basic:
Weighted average shares outstanding – basic		18,469		18,369		18,469		18,350
Earnings per common share – basic	$	0.59	$	0.08	$	3.96	$	2.11
Earnings per share – diluted:
Weighted average shares outstanding – basic		18,469		18,369		18,469		18,350
Effect of dilutive awards		118		100		166		143
Weighted average shares outstanding – diluted		18,586		18,469		18,635		18,493
Earnings per common share – diluted	$	0.59	$	0.08	$	3.92	$	2.09

There were no antidilutive stock-based awards outstanding for the third quarter and nine months ended September 30, 2011. There were approximately 8,000 and 40 antidilutive stock-based awards outstanding for the third quarter and nine months ended September 30, 2010.