Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted earnings per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive potential of stock options, restricted stock awards and units, performance-vesting restricted stock awards and units, and New Class A Units and Class B common stock that are exchangeable into the Company's Class A common stock.

In accordance with FASB ASC 260, Earnings Per Share, all outstanding unvested share-based payments that contain rights to nonforfeitable dividends participate in the undistributed earnings with the common stockholders and are therefore participating securities. Companies with participating securities are required to apply the two-class method in calculating basic and diluted net income per share.

The Company's restricted stock awards are considered participating securities as they receive nonforfeitable dividends at the same rate as the Company's Class A common stock. The computation of basic and diluted net income per share is reduced for a presumed hypothetical distribution of earnings to the holders of the Company's unvested restricted stock. Accordingly, the effect of the allocation reduces earnings available for common stockholders.

The Company's performance-vesting restricted stock awards are not considered participating securities as the related dividends are forfeitable to the extent the performance conditions are not met.

The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations:

	Three Months Ended						Six Months Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Basic and diluted net income per share:
Numerator
Net income available to holders of Class A common stock	$	3,424		$	2,507		$	7,537		$	6,780
Earnings allocated to participating securities	(115		)	(97		)	(311		)	(393		)
Earnings available for common stockholders	$	3,309		$	2,410		$	7,226		$	6,387
Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock	27,296			25,058			27,104			25,022
Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock	27,296			25,058			27,104			25,022
Add dilutive effect of the following:
Restricted stock awards and units	771			696			991			881
Dilutive weighted average shares of Class A common stock	28,067			25,754			28,095			25,903
Basic income per share of Class A common stock	$	0.12		$	0.10		$	0.27		$	0.26
Diluted income per share of Class A common stock	$	0.12		$	0.09		$	0.26		$	0.25

Anti-dilution is the result of (i) the allocation of income or loss associated with the exchange of New Class A Units for Class A common stock and (ii) outstanding options exceeding those outstanding under the treasury stock method. Accordingly, the following shares were anti-dilutive and excluded from this calculation:

	Three Months Ended		Six Months Ended
	June 30, 2011	June 30, 2010	June 30, 2011	June 30, 2010
Weighted average New Class A Units outstanding	10,947	12,927	11,038	12,947
Weighted average IPO Options outstanding	1,642	1,771	1,646	1,791

The potential dilutive effect of the Company's performance-vesting restricted stock awards and units were excluded from the calculation as the performance conditions had not been met as of the period ended June 30, 2011.

In addition, shares of Class B common stock do not share in the earnings of the Company and are therefore not participating securities. Accordingly, basic and diluted earnings per share of Class B common stock have not been presented.