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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2011
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
17. EARNINGS PER SHARE

ALC computes earnings per share under two different methods, basic and diluted, and presents per share data for all periods in which consolidated statements of operations are presented.  Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding.  Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of common stock and common stock equivalents outstanding.  Common stock equivalents consist of incremental shares available upon conversion of Class B Common Stock and dilutive stock options.

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for 2011, 2010 and 2009:

   
2011
  
2010
  
2009
 
   
(In thousands, except per share data)
 
Basic earnings (loss) per share calculation:
   
Income from continuing operations
 $24,360  $16,484  $802 
Loss from discontinued operations, net of tax
  -   -   (957 )
Net income (loss) to common stockholders
 $24,360  $16,484  $(155 )
              
Weighted average number of common shares outstanding
  22,955   23,080   23,510 
              
Income from continuing operations
 $1.06  $0.71  $0.03 
Loss from discontinued operations, net of tax
  -   -   (0.04 )
Basic net income (loss) per common share
 $1.06  $0.71  $(0.01 )
              
Diluted earnings (loss) per share calculation:
            
Income from continuing operations
 $24,360  $16,484  $802 
Loss from discontinued operations, net of tax
  -   -   (957 )
Net income (loss) to common stockholders
 $24,360  $16,484  $(155 )
              
Weighted average number of common shares outstanding
  22,955   23,080   23,510 
Assumed conversion of Class B Common Stock
  221   228   - 
Effect of dilutive stock options
  80   104   - 
Diluted weighted average number of common shares outstanding
  23,256   23,412   23,510 
              
Income from continuing operations
 $1.05  $0.70  $0.03 
Loss from discontinued operations, net of tax
  -   -   (0.04 )
Diluted net income (loss) per common share
 $1.05  $0.70  $(0.01 )