Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

(4) Earnings Per Share

The Company computes earnings per share in accordance with FASB ASC 260-10. Under the guidance, unvested restricted stock grants that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing basic earnings per share (EPS) pursuant to the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings.

Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted EPS for the three month periods ended March 31, 2012 and 2011 assumes, as of the beginning of the period, exercise of stock options using the treasury stock method. Certain of our stock options that would potentially dilute Basic EPS in the future were also antidilutive for the three month periods ended March 31, 2012 and 2011, and are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the three and three month periods ended March 31, 2012 and 2011 (in thousands, except per share amounts):

	Three Months Ended March 31, 2012							Three Months Ended March 31, 2011
	Income from Continuing Operations			Shares		Per Share Amount		Income from Continuing Operations			Shares		Per Share Amount
Basic EPS:
Income from continuing operations, and Share Amounts	$	3,570			42,674			$	20,249			42,190
Less: (Income) loss from continuing operations allocated to unvested shares		(74	)		—				(370	)		—
Income from continuing operations allocated to common shares	$	3,496			42,674	$	0.08	$	19,879			42,190	$	0.47
Dilutive Securities:
Plus: Income from continuing operations allocated to unvested shares		74			—				370			—
Less: (Income) loss from continuing operations re-allocated to unvested shares		(74	)		—				(368	)		—
Stock Options		—			200				—			319
Diluted EPS:
Income from continuing operations allocated to common shares, and assumed share conversions	$	3,496			42,874	$	0.08	$	19,881			42,509	$	0.47

Options to purchase approximately 1.7 million shares at an average exercise price of $32.56 were outstanding at March 31, 2012, while options to purchase approximately 1.5 million shares at an average exercise price of $32.93 were outstanding at March 31, 2011. Approximately 0.9 million and 0.6 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended March 31, 2012 and 2011, respectively, because these stock options were antidilutive, in that the sum of the stock option price, unrecognized compensation expense and excess tax benefits recognized as proceeds in the treasury stock method was greater than the average closing market price for the common shares during those periods.