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 is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.


(in thousands except per common share data)	Three months ended March 31,
(in thousands except per common share data)	2012		2011
Net income attributable to The Andersons, Inc.	$	18,407	$	17,266
Less: Distributed and undistributed earnings allocated to nonvested restricted stock		46		51

Earnings available to common shareholders	$	18,361	$	17,215

Earnings per share – basic:
Weighted average shares outstanding – basic		18,502		18,454

Earnings per common share – basic	$	0.99	$	0.93


Earnings per share – diluted:
Weighted average shares outstanding – basic		18,502		18,454
Effect of dilutive awards		151		142

Weighted average shares outstanding – diluted		18,653		18,596

Earnings per common share – diluted	$	0.98	$	0.93

There were no antidilutive stock-based awards outstanding at March 31, 2012 or 2011.