Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

Note 15. Earnings Per Share

Basic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock options, stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trusts using the treasury stock method.

The numbers of shares used in the earnings per share computation are as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Basic:
Weighted average common shares outstanding		43,014		45,557		43,130		46,106
Diluted:
Dilutive effect of stock options, stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust		17		96		49		96
Total weighted average diluted shares outstanding		43,031		45,653		43,179		46,202
Anti-dilutive shares excluded from the diluted earnings per share calculation		—		3		—		2

On August 18, 2011, the Company’s Board authorized the Company to purchase up to 5.0 million shares of its outstanding common stock (the “2011 Share Repurchase Program”). A total of 3.0 million shares have been repurchased under the 2011 Share Repurchase Program since inception. The shares are purchased, from time to time, through open market purchases or in negotiated private transactions, and the purchases are based on factors, including but not limited to, the stock price, management discretion and general market conditions. The 2011 Share Repurchase Program has no expiration date. The Company’s Board previously authorized the Company on August 5, 2002 to purchase up to 3.0 million shares of its outstanding common stock, the last of which were repurchased during 2011.

The shares repurchased under the Company’s share repurchase programs were as follows (in thousands, except per share amounts):

	Total Number of Shares Repurchased		Range of Prices Paid Per Share				Total Cost  of Shares Repurchased
			Low		High
Three Months Ended:
September 30, 2012		29	$	14.98	$	14.98	$	447
September 30, 2011		2,498	$	12.46	$	16.10	$	37,165
Nine Months Ended:
September 30, 2012		537	$	13.85	$	15.00	$	7,908
September 30, 2011		2,798	$	12.46	$	18.53	$	42,677