Earnings Per Common Share Computations

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share Computations

Earnings Per Common Share Computations

NOTE 10 — EARNINGS PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the earnings per common share computations (in thousands, except per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Numerator for basic earnings from continuing operations per common share:
Earnings from continuing operations	$	39,990		$	28,269		$	36,804		$	20,125
Earnings from continuing operations allocated to participating securities		(906	)		(859	)		(869	)		(629	)
Numerator for basic earnings from continuing operations per common share	$	39,084		$	27,410		$	35,935		$	19,496
Numerator for basic net earnings per common share:
Net earnings	$	40,147		$	27,605		$	36,962		$	18,937
Net earnings allocated to participating securities		(910	)		(839	)		(873	)		(592	)
Numerator for basic net earnings per common share	$	39,237		$	26,766		$	36,089		$	18,345
Numerator for diluted net earnings per common share:
Earnings from continuing operations	$	39,990		$	28,269		$	36,804		$	20,125
Discontinued operations, net of income taxes		157			(664	)		158			(1,188	)
Net earnings	$	40,147		$	27,605		$	36,962		$	18,937
Denominator for net earnings per common share:
Basic		16,444			14,440			16,401			14,027
Plus dilutive effect of stock options		109			2			100			10
Plus dilutive effect of convertible note		382			453			398			453
Diluted		16,935			14,895			16,899			14,490
Earnings per common share:
Basic
Earnings from continuing operations	$	2.38		$	1.90		$	2.19		$	1.39
Discontinued operations		0.01			(0.05	)		0.01			(0.08	)
Net earnings	$	2.39		$	1.85		$	2.20		$	1.31
Diluted
Earnings from continuing operations	$	2.36		$	1.90		$	2.18		$	1.39
Discontinued operations		0.01			(0.05	)		0.01			(0.08	)
Net earnings	$	2.37		$	1.85		$	2.19		$	1.31

Options to purchase approximately 18 thousand shares for each of the three and six months ended June 30, 2011, respectively, were not included in the computation of earnings per common share because the options' exercise prices were greater than the average market price of the common shares. Options to purchase approximately 130 thousand shares and 111 thousand shares for each of the three and six months ended June 30, 2010, respectively, were not included in the computation of earnings per common share because the options' exercise prices were greater than the average market price of the common shares.