Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

(4)           Earnings Per Share

The Company computes earnings per share in accordance with FASB ASC 260-10. Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted EPS assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the three and nine months ended September 30, 2013 and 2012, and are discussed below.

Due to recently approved amendments to our stock plan agreement which clarify that unvested shares or unvested units are not dividend eligible, our earnings per share calculations, including historical periods, have been presented based on the traditional earnings per share calculation methodology instead of the two-class methodology. The effects of this change were immaterial for all historical periods presented.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share amounts):

	Three Months Ended September 30, 2013					Three Months Ended September 30, 2012
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic EPS:
Net Income and Share Amounts	$	8,886	43,389	$	0.20	$	3,122	42,901	$	0.07
Dilutive Securities:
Stock Options			—					70
Restricted Stock Awards			288					268
Restricted Stock Units			27					—
Diluted EPS:
Net Income and Assumed Share Conversions	$	8,886	43,704	$	0.20	$	3,122	43,239	$	0.07

	Nine Months Ended September 30, 2013					Nine Months Ended September 30, 2012
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic EPS:
Net Income and Share Amounts	$	22,817	43,308	$	0.53	$	9,720	42,812	$	0.23
Dilutive Securities:
Stock Options			—					133
Restricted Stock Awards			249					213
Restricted Stock Units			67					—
Diluted EPS:
Net Income and Assumed Share Conversions	$	22,817	43,624	$	0.52	$	9,720	43,158	$	0.23

Approximately 1.6 million and 1.4 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended September 30, 2013 and 2012, respectively, and approximately 1.6 million and 1.1 million stock options to purchase shares were not included in the computation of Diluted EPS for the nine months ended September 30, 2013 and 2012, respectively, because these stock options were antidilutive. Approximately 0.2 million and 0.4 million restricted stock awards were not included in the computation of Diluted EPS for the three months ended September 30, 2013 and 2012, respectively, and approximately 0.3 million and 0.4 million restricted stock awards were not included in the computation of Diluted EPS for the nine months ended September 30, 2013 and 2012, respectively, because they were antidilutive. Approximately 0.4 million shares related to performance-based restricted stock units that could be converted to common shares based on predetermined performance and market goals were not included in the computation of Diluted EPS for the three and nine months ended September 30, 2013, because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period.