Weighted Average Shares Outstanding

9 Months Ended

Sep. 30, 2011

Weighted Average Shares Outstanding [Text Block]

NOTE 10 - Weighted Average Shares Outstanding

          In conjunction with the acquisition of Hudson, outstanding warrants to purchase Hudson common stock were converted into 310,817 warrants to purchase the Company’s common stock at an average exercise price of $23.85. As of September 30, 2011, the aggregate intrinsic value of these warrants was zero.

          The table below reconciles weighted average number of common shares outstanding, basic and diluted, for the three month and nine month periods ended September 30, 2011 and 2010 (weighted average shares in thousands):

			Three months ended September 30,					Nine months ended September 30,
			2011		2010			2011			2010
Shares outstanding	(1	)		34,669		34,509			34,359			35,039
Unearned restricted stock	(2	)		—		(93	)		(15	)		(110	)
Earned RSUs	(3	)		2,656		1,697			2,385			1,409
Shares outstanding, basic				37,325		36,113			36,729			36,338
Stock options and warrants	(4	)		—		—			—			—
Non-vested restricted stocks and RSUs	(4	)		—		—			—			—
Shares outstanding, diluted				37,325		36,113			36,729			36,338

(1)	Shares outstanding represents shares issued less shares repurchased in treasury stock.
(2)	As restricted stock is contingent upon a future service condition, unearned shares are removed from shares outstanding in the calculation of basic EPS as the Company’s obligation to issue these shares remains contingent.
(3)	As earned RSUs are no longer contingent upon a future service condition and are issuable upon a certain date in the future, earned restricted stock units are added to shares outstanding in the calculation of basic EPS.
(4)	Calculated under the treasury stock method. The treasury stock method assumes the issuance of only a net incremental number of shares as proceeds from issuance are assumed to be used to repurchase shares at the average stock price for the period.