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.


	Year ended December 31,
(in thousands, except per share data)	2011		2010		2009
Net income attributable to The Andersons, Inc.	$	95,106	$	64,662	$	38,351
Less: Distributed and undistributed earnings allocated to nonvested restricted stock		369		204		122

Earnings available to common shareholders	$	94,737	$	64,458	$	38,229


Earnings per share – basic:
Weighted average shares outstanding – basic		18,457		18,356		18,190
Earnings per common share – basic	$	5.13	$	3.51	$	2.10

Earnings per share – diluted:
Weighted average shares outstanding – basic		18,457		18,356		18,190
Effect of dilutive options		162		151		179

Weighted average shares outstanding – diluted		18,619		18,507		18,369

Earnings per common share – diluted	$	5.09	$	3.48	$	2.08

There were no antidilutive equity instruments at December 31, 2011, 2010 or 2009.