Earnings per Share

12 Months Ended

Dec. 31, 2011

Earnings per Share [Abstract]

Earnings per Share

(17) Earnings per Share

Basic earnings per share is computed by dividing income attributable to CAI 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 years ended December 31, 2011, 2010 and 2009 (in thousands, except per share data):

	Year Ended December 31,
	2011		2010		2009
Numerator:
Net income attributable to CAI common stockholders used in calculation of basic and diluted earnings per share	$	50,189	$	28,383	$	13,556
Denominator:
Weighted average shares used in the calculation of basic earnings per share		19,295		17,974		17,902
Effect of dilutive securities:
Restricted common stock		-		3		-
Stock options		398		226		-
Weighted average shares used in the calculation of diluted earnings per share		19,693		18,203		17,902
Net income per share attributable to CAI common stockholders:
Basic	$	2.60	$	1.58	$	0.76
Diluted	$	2.55	$	1.56	$	0.76

The denominator used in the calculation of diluted income per share for the years ended December 31, 2011, 2010 and 2009 excluded options for 232,500, 493,000 shares and 930,000 shares, respectively, of common stock granted to officers and directors, and 12,000 shares of restricted stock granted to employees for the years ended December 31, 2009 because their effect would have been antidilutive.