Earnigns Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

16. EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive potential common shares which, in the Company's case, include shares issuable under the equity compensation plans described in Note 12 of the consolidated financial statements. The weighted average number of shares and conversions utilized in the calculation of diluted earnings per share does not include potential anti-dilutive common shares aggregating 973,000, 993,000, and 1,041,000 at December 31, 2012, 2011, and 2010, respectively. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the restricted stock and restricted stock awards assumed to have vested.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31 (in thousands):

		2012			2011		2010
Numerator:
Income (loss) from continuing operations	$	12,650		$	9,216	$	(75,356	)
(Loss) income from discontinued operations		(5	)		7,307		(15,712	)
Net income (loss) available to common shareholders	$	12,645		$	16,523	$	(91,068	)
Denominator for basic earnings per share:
Weighted average shares outstanding		30,752			30,507		30,303
Denominator for diluted earnings per share:
Common stock options and restricted stock		105			143		–
Weighted average shares and conversions		30,857			30,650		30,303

For the year ended December 31, 2010, all stock options, unvested restricted stock, and unvested restricted stock units were anti-dilutive and, therefore, not included in the dilutive loss per share calculation. The number of weighted average stock options, unvested restricted stock, and unvested restricted stock units that were not included in the dilutive loss per share calculation because the effect would have been anti-dilutive was 158,000 shares for the year ended December 31, 2010.