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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share
Note 3 — Earnings Per Share
A reconciliation between basic and diluted earnings per share computations (in thousands, except per share amounts) is as follows:
                         
    Income     Shares     Per  
For the Three Months Ended September 30, 2011   (Numerator)     (Denominator)     Share Amount  
 
                       
Net income available to common stockholders
  $ 3,727       62,041          
Attributable to participating securities
    (95 )     —          
 
                   
BASIC EPS
  $ 3,632       62,041     $ 0.06  
 
                 
 
                       
Net income available to common stockholders
  $ 3,727       62,041          
Effect of dilutive securities:
                       
Stock options
    —       374          
Attributable to participating securities
    (94 )     —          
 
                   
 
                       
DILUTED EPS
  $ 3,633       62,415     $ 0.06  
 
                 
                         
    Income     Shares     Per  
For the Three Months Ended September 30, 2010   (Numerator)     (Denominator)     Share Amount  
 
                       
Net income available to common stockholders
  $ 4,939       61,446          
Attributable to participating securities
    (137 )     —          
 
                   
BASIC EPS
  $ 4,802       61,446     $ 0.08  
 
                 
 
                       
Net income available to common stockholders
  $ 4,939       61,446          
Effect of dilutive securities:
                       
Stock options
    —       368          
Attributable to participating securities
    (136 )     —          
 
                   
 
                       
DILUTED EPS
  $ 4,803       61,814     $ 0.08  
 
                 
                         
    Income     Shares     Per  
For the Nine Months Ended September 30, 2011   (Numerator)     (Denominator)     Share Amount  
 
                       
Net income available to common stockholders
  $ 2,579       61,876          
Attributable to participating securities
    (76 )     —          
 
                   
BASIC EPS
  $ 2,503       61,876     $ 0.04  
 
                 
 
                       
Net income available to common stockholders
  $ 2,579       61,876          
Effect of dilutive securities:
                       
Stock options
    —       402          
Attributable to participating securities
    (76 )     —          
 
                   
 
                       
DILUTED EPS
  $ 2,503       62,278     $ 0.04  
 
                 
                         
    Income     Shares     Per  
For the Nine Months Ended September 30, 2010   (Numerator)     (Denominator)     Share Amount  
 
                       
Net income available to common stockholders
  $ 39,904       61,372          
Attributable to participating securities
    (1,008 )     —          
 
                   
BASIC EPS
  $ 38,896       61,372     $ 0.63  
 
                 
 
                       
Net income available to common stockholders
  $ 39,904       61,372          
Effect of dilutive securities:
                       
Stock options
    —       372          
Attributable to participating securities
    (1,002 )     —          
 
                   
 
                       
DILUTED EPS
  $ 38,902       61,744     $ 0.63  
 
                 
Common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares were not included in the computation of diluted earnings per share for the three and nine month periods ended September 30, 2011 because the inclusion would have been anti-dilutive. Options to purchase 127,000 and 21,000 shares of common stock were outstanding during the three and nine month periods ended September 30, 2011, respectively, and were not included in the computation of diluted earnings per share because the options’ exercise prices were in excess of the average market price of the common shares.
Common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares were not included in the computation of diluted earnings per share for the three and nine month periods ended September 30, 2010 because the inclusion would have been anti-dilutive. Options to purchase 1,930,000 and 2,076,000 shares of common stock were outstanding during the three and nine month periods ended September 30, 2010, respectively, and were not included in the computation of diluted earnings per share because the options’ exercise prices were in excess of the average market price of the common shares.