Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 21 – Earnings Per Share (“EPS”)

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 three and six months ended June 30, 2012 and 2011 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net income	$	26,136	$	3,416	$	60,909	$	34,814
Shares for basic and diluted calculation:
Average shares used in basic computation		53,569		52,932		53,406		52,734
Dilutive effect of stock options and units		9,109		10,313		9,294		10,505
Average shares used in dilutive computation:		62,678		63,245		62,700		63,239
Net income per share:
Basic	$	0.49	$	0.06	$	1.14	$	0.66
Diluted	$	0.42	$	0.05	$	0.97	$	0.55

⁽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 three and six months ended June 30, 2012 and 2011, the anti-dilutive effect from restricted stock units was immaterial.