Earnings Per Share

9 Months Ended

Sep. 30, 2011

(15)	Earnings Per Share

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive.

The following table sets forth the reconciliation of basic and diluted net income per share for the three and nine months ended September 30, 2011 and 2010 (in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Numerator:
Net income attributable to CAI common stockholders used in calculation of basic and diluted earnings per share	$	13,622	$	9,161	$	37,298	$	17,886

Denominator:
Weighted average shares used in the calculation of basic earnings per share		19,295		17,914		19,295		17,910
Effect of dilutive securities:
Stock options		286		237		432		212
Weighted average shares used in the calculation of diluted earnings per share		19,581		18,151		19,727		18,122

Net income per share attributable to CAI common stockholders:
Basic	$	0.71	$	0.51	$	1.93	$	1.00
Diluted	$	0.70	$	0.50	$	1.89	$	0.99

The calculation of diluted earnings per share for the three and nine months ended September 30, 2011 excluded from the denominator 255,000 shares and 220,000 shares, respectively, of stock options granted to officers and directors because their effect would have been anti-dilutive. The calculation of diluted earnings per share for the three and nine months ended September 30, 2010 excluded from the denominator 492,680 shares of stock options granted to officers and directors because their effect would have been anti-dilutive.