Earnings per Share ("EPS")

12 Months Ended

Dec. 31, 2011

Earnings per Share ("EPS")

3. Earnings per Share (“EPS”)

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, stock appreciation rights (“SAR’s”), restricted shares and restricted stock units (collectively “RSA’s”) using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted earnings per share:

	Year ended December 31,
	2011		2010		2009
Shares used in the calculation of Basic earnings per share		13,064,051		12,624,495		11,386,989
Effect of dilutive securities:   Stock options, SAR's, RSA's, and shares held in escrow		683,762		1,022,038		175,315
Diluted shares used in the calculation of earnings per share		13,747,813		13,646,533		11,562,304

Stock options to purchase 1,142,840, 1,210,970 and 924,007 shares for 2011, 2010 and 2009, respectively, were excluded from the computation of diluted EPS as their effect would have been anti-dilutive.

At December 31, 2011, 2010 and 2009, 59,196, 20,630 and 46,965 shares of issued and outstanding unvested restricted stock were excluded from the basic earnings per share calculation in accordance with ASC 260.