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Earnings per Share
0204 - Disclosure - Earnings per Share
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<!-- Begin Block Tagged Note 4 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. Earnings per Share</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table sets forth the computation of basic and diluted earnings per share for the
three and six months ended June 30, 2010 and 2009:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended June 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Six Months Ended June 30,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14"><b>(in thousands, except per share amounts)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b><i>Basic and diluted</i></b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$  </td>
<td align="right">15,426</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">3,811</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">24,858</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">462</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding, basic
</div></td>
<td> </td>
<td> </td>
<td align="right">52,819</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,232</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,658</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,187</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Plus: net effect of dilutive stock options and
restricted common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">165</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">347</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding, diluted
</div></td>
<td> </td>
<td> </td>
<td align="right">52,924</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,532</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,823</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,534</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings per share, basic
</div></td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.29</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.07</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.47</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.01</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings per share, diluted
</div></td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.29</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.07</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.47</td>
<td> </td>
<td> </td>
<td align="left">$  </td>
<td align="right">0.01</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Basic earnings per share is computed using the weighted average number of shares of common
stock outstanding during the period, reduced where applicable for outstanding yet unvested shares
of restricted common stock. The number of dilutive common stock equivalents was calculated using
the treasury stock method. For the three months ended June 30, 2010 and 2009, options to purchase
9,046,877 shares and 11,148,791 shares, respectively, of common stock that could potentially dilute
basic earnings per share in the future were excluded from the calculation of diluted earnings per
share as their effect would have been anti-dilutive because
their exercise price was in excess of the closing price of the common stock during the period.
For the six months ended June 30, 2010 and 2009, options to purchase 9,451,165 shares and
11,105,565 shares, respectively, of common stock that could potentially dilute basic earnings per
share in the future were excluded from the calculation of diluted earnings per share as their
effect would have been anti-dilutive.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     For the three months ended June 30, 2010 and 2009, 18,750 and 348,272 shares, respectively, of
unvested restricted stock that could potentially dilute basic earnings per share in the future were
excluded from the calculation of diluted earnings per common share as their effect would have been
anti-dilutive. For the six months ended June 30, 2010 and 2009, 9,375 and 175,306 shares,
respectively, of unvested restricted stock that could potentially dilute basic earnings per share
in the future were excluded from the calculation of diluted earnings per common share as their
effect would have been anti-dilutive.
</div>
</div>
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This element may be used to capture the complete disclosure pertaining to an entity's earnings per share.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
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