EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2013		2012		2013		2012
Net income from continuing operations	$	12,037	$	7,986	$	22,502	$	14,467
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	$	12,037	$	7,986	$	22,502	$	13,830
Average number of common shares issued	26,525		23,623		26,525		23,242
Less: average number of treasury shares	1,427		1,660		1,344		1,672
Less: average number of unvested stock award shares	319		221		318		221
Average number of basic common shares outstanding	24,779		21,742		24,863		21,349
Plus: dilutive effect of unvested stock award shares	59		41		68		51
Plus: dilutive effect of stock options outstanding	118		23		118		34
Average number of diluted common shares outstanding	24,956		21,806		25,049		21,434
Basic earnings per share:
Continuing operations	$	0.49	$	0.37	$	0.91	$	0.68
Discontinued operations	—		—		—		(0.03		)
Total basic earnings per share	$	0.49	$	0.37	$	0.91	$	0.65
Diluted earnings per share:
Continuing operations	$	0.48	$	0.37	$	0.90	$	0.68
Discontinued operations	—		—		—		(0.03		)
Total diluted earnings per share	$	0.48	$	0.37	$	0.90	$	0.65

For the six months ended June 30, 2013, 252 thousand shares of restricted stock and 365 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. For the six months ended June 30, 2012, 170 thousand shares of restricted stock and 352 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.