Earnings per Share

9 Months Ended

Sep. 30, 2011

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						Nine Months Ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Basic and diluted net income per share:

Numerator
Net income available to holders of Class A common stock	$	4,032		$	4,109		$	11,569		$	10,889
Earnings allocated to participating securities	(205		)	(283		)	(514		)	(672		)
Earnings available for common stockholders	$	3,827		$	3,826		$	11,055		$	10,217

Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock	26,945			24,873			27,050			24,972

Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock	26,945			24,873			27,050			24,972
Add dilutive effect of the following:
Restricted stock awards and units	115			81			784			769
Dilutive weighted average shares of Class A common stock	27,060			24,954			27,834			25,741

Basic income per share of Class A common stock	$	0.14		$	0.15		$	0.41		$	0.41

Diluted income per share of Class A common stock	$	0.14		$	0.15		$	0.40		$	0.40

Anti-dilution is the result of 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		Nine Months Ended
	September 30, 2011	September 30, 2010	September 30, 2011	September 30, 2010
Weighted average IPO Options outstanding	1,631	1,707	1,641	1,763

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 September 30, 2011.

In addition, shares of Class B common stock and the underlying number of New Class A Units 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 and the underlying number of New Class A Units have not been presented. Accordingly, the following shares were excluded from this calculation:



	Three Months Ended		Nine Months Ended
	September 30, 2011	September 30, 2010	September 30, 2011	September 30, 2010
Weighted average New Class A Units outstanding	10,813	12,903	10,962	12,932