Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share ("diluted EPS") is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include common shares related to stock options, SARs and non-vested stock awards (collectively "stock awards"). For the three and six months ended June 30, 2011, 396 and 307 stock awards were excluded from the calculation of diluted EPS and for the three and six months ended June 30, 2010, 479 and 678 stock awards were excluded because they were anti-dilutive. In addition, 246 and 202 stock awards for the three and six months ended June 30, 2011 and 119 stock awards for the three and six months ended June 30, 2010,were excluded from the calculation of diluted EPS because they were subject to performance conditions.

The following table sets forth the computations of basic and diluted earnings per share:

	Three months ended June 30,		Six months ended June 30,
	2011	2010	2011	2010
Net income	$    50,657	$    46,461	$    97,039	$    84,308
Shares:
Weighted average number of common shares outstanding	31,167	31,373	31,125	31,428
Dilutive stock options, SARS and non-vested stock awards	594	429	615	380
Diluted weighted average number of common shares outstanding	31,761	31,802	31,740	31,808
Basic earnings per share	$        1.63	$        1.48	$        3.12	$        2.68
Diluted earnings per share	$        1.59	$        1.46	$        3.06	$        2.65