Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share

Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average common stock outstanding during the period. At September 30, 2011 and September 30, 2010, diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average common stock outstanding plus stock equivalents that would arise from the assumed exercise of stock options, restricted stock units and conversion of warrants using the treasury stock method. There is no difference, for any of the periods presented, in the amount of net income (loss) available to common stockholders used in the computation of basic and diluted earnings per share.

The following table reconciles basic weighted average stock outstanding to diluted weighted average stock outstanding (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Basic weighted average stock outstanding		30,562		30,052		30,340		24,316
Effect of dilutive securities:
Employee stock options		529		471		513		—
Restricted stock units		11		—		19		—
Warrants		656		566		704		—

Dilutive weighted average stock outstanding		31,758		31,089		31,576		24,316

The Company had additional stock options and warrants outstanding of 308,698 and 3,122,836 shares of the Company’s common stock as of September 30, 2011 and 2010, respectively. These shares were not included in the computation of diluted earnings per share because they were not assumed to be exercised under the treasury stock method or were anti-dilutive.