EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 9. EARNINGS PER SHARE

Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):

	Three Months Ended March 31,
(In thousands, except per share data)	2013		2012
Net income from continuing operations	$	10,465	$	6,481
Loss from discontinued operations before income taxes (including gain on disposal of $63)	—		(261		)
Income tax expense	—		376
Net loss from discontinued operations	—		(637		)
Net income	$	10,465	$	5,844
Average number of common shares issued	26,525		22,860
Less: average number of treasury shares	1,260		1,685
Less: average number of unvested stock award shares	317		220
Average number of basic common shares outstanding	24,948		20,955
Plus: dilutive effect of unvested stock award shares	73		62
Plus: dilutive effect of stock options outstanding	122		45
Average number of diluted common shares outstanding	25,143		21,062
Basic and diluted earnings per share:
Continuing operations	$	0.42	$	0.31
Discontinued operations	—		(0.03		)
Total basic and diluted earnings per share	$	0.42	$	0.28

For the quarter ended March 31, 2013, 251 thousand shares of restricted stock and 499 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. For the quarter ended March 31, 2012, 159 thousand shares of restricted stock and 357 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.