COMPUTATION OF EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

COMPUTATION OF EARNINGS (LOSS) PER SHARE

COMPUTATION OF EARNINGS PER SHARE

The Company’s Series A 3% Redeemable Convertible Preferred Stock (the “Series A Preferred Stock”) has participation rights in dividends issued to common stockholders.  As a result, the Company calculates earnings per share using the two class method.  The following is a reconciliation of net income applicable to common stockholders and the number of shares used in the calculation of basic and diluted earnings per share applicable to common stockholders (in thousands, except per-share data):

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Net income allocated to common stockholders, net of $2,526 and $2,467 attributable to Series A Preferred Stock for the three months ended September 30, 2013 and 2012, respectively and $4,809 and $8,279 for the nine months ended September 30, 2013 and 2012, respectively.	$	7,746	$	7,518	$	9,871	$	26,928
Basic:
Weighted-average common shares outstanding	28,374		27,714		28,239		27,698
Earnings per share allocated to common stockholders	$	0.27	$	0.27	$	0.35	$	0.97
Diluted:
Weighted-average shares outstanding used in basic calculation	28,374		27,714		28,239		27,698
Dilutive effect of options	271		248		282		221
Dilutive effect of unvested restricted stock	323		125		367		177
Weighted-average common stock and common stock equivalents	28,968		28,087		28,888		28,096
Earnings per share allocated to common stockholders	$	0.27	$	0.27	$	0.34	$	0.96
Stock issuable upon conversion of the Series A Preferred Stock	5,806		5,806		5,806		5,806
Stock awards excluded from calculation as their effect would be anti-dilutive	577		937		563		880

Awards approved under the Company’s Long Term Incentive Program are excluded from diluted shares as the market conditions and performance conditions of the awards have not been met.