Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

EARNINGS PER COMMON SHARE

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period under the treasury stock method. Under the treasury stock method, dilutive securities are assumed to be exercised at the beginning of the periods and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Securities are excluded from the computations of diluted net income per share if their effect would be anti-dilutive to earnings per share.

The following table sets forth the computation of basic and diluted earnings per share available to common shareholders for the three and nine months ended September 30, 2011 and 2010, respectively.



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands, except share and per share amounts)
Net income, as reported	$	7,270	$	2,858	$	15,983	$	7,090
Denominator for basic earnings per share — Weighted average common shares	97,793,262		91,062,356		96,525,150		63,600,972
Basic net income per share	$	0.07	$	0.03	$	0.17	$	0.11

Denominator for basic earnings per share — Weighted average common shares	97,793,262		91,062,356		96,525,150		63,600,972
Effect of dilutive securities	4,075,626		6,402,101		4,387,653		29,358,735
Denominator for diluted earnings per share — Weighted average common shares adjusted for dilutive securities	101,868,888		97,464,457		100,912,803		92,959,707
Diluted net income per share	$	0.07	$	0.03	$	0.16	$	0.08

Because of their anti-dilutive effect, 3,619,414 and 9,032,915 common share equivalents comprised of stock options and restricted stock awards have been excluded from the diluted earnings per share calculation for the three months ended September 30, 2011 and 2010, respectively. Additionally, because of their anti-dilutive effect, 3,719,414 and 8,877,158 common share equivalents comprised of stock options and restricted stock awards have been excluded from the diluted earnings per share calculation for the nine months ended September 30, 2011 and 2010, respectively.