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Earnings per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share


The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010:


 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2011
 
2010
 
2011
 
2010
 
(in thousands, except per share amounts)
Basic and diluted
 
 
 
 
 
 
 
Net income
$
11,440


 
$
15,426


 
$
35,681


 
$
24,858


 
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic
53,441


 
52,819


 
53,343


 
52,658


Plus: net effect of dilutive stock options and restricted common shares
873


 
105


 
880


 
165


Weighted average common shares outstanding, diluted
54,314


 
52,924


 
54,223


 
52,823


 
 
 
 
 
 
 
 
Earnings per share, basic
$
0.21


 
$
0.29


 
$
0.67


 
$
0.47


Earnings per share, diluted
$
0.21


 
$
0.29


 
$
0.66


 
$
0.47






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, 2011 and 2010, options to purchase 7,078,216 shares and 9,046,877 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. For the six months ended June 30, 2011 and 2010, options to purchase 7,218,343 shares and 9,451,165 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.
 
For the three months ended June 30, 2011 and 2010, 47,312 and 18,750 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, 2011 and 2010, 124,946 and 9,735 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.