Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

7.  Earnings Per Share

Basic earnings per share includes no dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect, in periods in which they have a dilutive effect, the effect of restricted stock-based awards and common shares issuable upon exercise of stock options and warrants. The difference between basic and diluted weighted-average common shares results from the assumption that all dilutive stock options outstanding were exercised and all convertible notes have been converted into common stock.

As of December 31, 2011, of the total potentially dilutive shares related to restricted stock-based awards, stock options and warrants, 2.1 million were anti-dilutive, compared to 1.0 million as of December 31, 2010 and 1.8 million as of December 31, 2009.

As of December 31, 2011, of the performance related restricted stock-based awards issued in connection with the Company’s employment agreement with its chairman, chief executive officer and president, 1.7 million of such awards (which is included in the total 2.1 million anti-dilutive stock-based awards described above) were anti-dilutive and therefore not included in this calculation.

Warrants issued in connection with the Company’s 1.875% Convertible Notes and 2.50% Convertible Notes financings were anti-dilutive and therefore not included in this calculation. Portions of the 1.875% Convertible Notes and 2.50% Convertible Notes that would be subject to conversion to common stock were anti-dilutive as of December 31, 2011 and therefore not included in this calculation.

A reconciliation of shares used in calculating basic and diluted earnings per share follows:

	For the Year Ended
(000's omitted)	December 31,
	2011		2010		2009
Basic		73,111		72,151		65,763
Effect of exercise of stock options		1,092		1,863		2,141
Effect of exercise of warrants		56		33		-
Effect of contingent common stock issuance		36		89		149
Effect of assumed vesting of restricted stock		1,200		577		272
		75,495		74,713		68,325