Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Earnings Per Share

NOTE 26 – Earnings Per Share

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2011, 2010, and 2009 (in thousands, except per share data):

	Year Ended December 31,
	2011		2010		2009
Net income	$	84,134	$	1,907	$	75,798
Shares for basic and diluted calculations:
Average shares used in basic computation		52,418		48,723		42,445
Dilutive effect of stock options and units (1)		10,640		8,949		5,996
Average shares used in diluted computation		63,058		57,672		48,441
Net income per share:
Basic	$	1.61	$	0.04	$	1.79
Diluted (1)	$	1.33	$	0.03	$	1.56

(1) Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units.

For the years ended December 31, 2011, 2010, and 2009, the anti-dilutive effect from restricted stock units was immaterial.