EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2012

EARNINGS PER COMMON SHARE [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER COMMON SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2012 and 2011 (in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2012		2011
Numerator
Net income	$	4,405	$	1,248
Denominator
Basic weighted average common shares	37,035,970		25,136,140
Dilutive stock options and restricted stock units	22,916		75,445
Diluted weighted average common shares	37,058,886		25,211,585
Basic earnings per common share	$	0.12	$	0.05
Diluted earnings per common share	$	0.12	$	0.05

Restricted stock and certain of the Company’s performance restricted stock units are considered participating securities which require the use of the two-class method when computing basic and diluted earnings per share. During the three months ended March 31, 2012 and 2011, approximately 0.2 million and 0.5 million restricted stock units, respectively, and options to purchase approximately 0.4 million shares were not included because they were anti-dilutive.