Earnings Per Common Share Computations

12 Months Ended

Dec. 31, 2011

Earnings Per Common Share Computations [Abstract]

Earnings Per Common Share Computations

NOTE 18—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):

	Year Ended December 31,
	2011			2010			2009
Numerator for basic earnings from continuing operations per common share:
Earnings from continuing operations	$	60,795		$	19,557		$	17,681
Earnings from continuing operations allocated to participating securities		(1,103	)		(330	)		(352	)
Numerator for basic earnings from continuing operations per common share	$	59,692		$	19,227		$	17,329
Numerator for basic earnings per common share:
Net earnings	$	64,355		$	16,353		$	16,828
Net earnings allocated to participating securities		(1,180	)		(237	)		(324	)
Numerator for basic net earnings per common share	$	63,175		$	16,116		$	16,504
Numerator for diluted net earnings from continuing operations per common share:
Earnings from continuing operations	$	60,795		$	19,557		$	17,681
Interest expense on participating securities		—			136			136
Numerator for diluted net earnings from continuing operations per common share	$	60,795		$	19,693		$	17,817
Numerator for diluted earnings per common share:
Net earnings	$	64,355		$	16,353		$	16,828
Interest expense on participating securities		—			136			136
Numerator for diluted earnings per common share	$	64,355		$	16,489		$	16,964
Denominator for net earnings (loss) per common share:
Basic		16,638			15,186			13,582
Plus dilutive effect of stock options and restricted stock		118			27			5
Plus dilutive effect of participating securities and convertible note		369			453			453
Diluted		17,125			15,666			14,040
Earnings (loss) per common share:
Basic
Earnings from continuing operations	$	3.59		$	1.27		$	1.28
Discontinued operations		0.21			(0.21	)		(0.06	)
Net earnings	$	3.80		$	1.06		$	1.22
Diluted
Earnings from continuing operations	$	3.55		$	1.26		$	1.27
Discontinued operations		0.21			(0.21	)		(0.06	)
Net earnings	$	3.76		$	1.05		$	1.21

Options to purchase approximately 18 thousand shares, 112 thousand shares and 120 thousand shares for each of the years ended December 31, 2011, 2010 and 2009, respectively, were not included in the computation of earnings per common share assuming dilution because the options' exercise prices were greater than the average market price of the common shares.