COMPUTATION OF EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2011

COMPUTATION OF EARNINGS (LOSS) PER SHARE

COMPUTATION OF EARNINGS (LOSS) PER SHARE

NOTE 4 – COMPUTATION OF EARNINGS (LOSS) 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				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Income from continuing operations allocated to common stockholders, net of $1,131, $2,298, $6,583 and $6,703 attributable to Series A Preferred Stock, respectively.	$	1,298	$	6,875	$	19,005	$	19,832
Income (loss) from discontinued operations, net of $0, $15, $335, and ($65)attributable to Series A Preferred Stock, respectively.	—		70		1,576		(303		)
Net income allocated to common stockholders, net of $1,131, $2,313, $6,918, and $6,638 attributable to Series A Preferred Stock, respectively.	1,298		6,945		20,581		19,529
Basic:
Weighted-average common shares outstanding	27,466		27,017		27,335		26,972
Earnings from continuing operations per share allocated to common stockholders	0.05		0.25		0.70		0.74
Earnings (loss) from discontinued operations per share allocated to common stockholders	0.00		0.01		0.05		(0.02		)
Earnings per share allocated to common stockholders	$	0.05	$	0.26	$	0.75	$	0.72
Diluted:
Weighted-average shares outstanding used in basic calculation	27,466		27,017		27,335		26,972
Dilutive effect of options	112		235		114		260
Dilutive effect of unvested restricted stock	277		71		306		67
Weighted-average common stock and common stock equivalents	27,855		27,323		27,755		27,299
Earnings from continuing operations per share allocated to common stockholders	0.05		0.25		0.68		0.73
Earnings (loss) from discontinued operations per share allocated to common stockholders	0.00		0.00		0.06		(0.01		)
Earnings per share allocated to common stockholders	$	0.05	$	0.25	$	0.74	$	0.72
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	1,325		2,105		1,026		2,067