Net Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Net Earnings Per Common Share

Net Earnings Per Common Share

The following table sets forth the computation of basic and diluted net earnings per common share for the periods indicated.

	For the Three Months Ended
(In thousands except per share data)	March 31,
	2012		2011
Basic
Average common shares outstanding	31,819		32,174
Net earnings	$	8,233	$	7,454
Net earnings per common share	$	0.26	$	0.23
Diluted
Average common shares outstanding	31,819		32,174
Shares related to convertible debt	—		488
Stock options and awards	3		353
Average common shares assuming dilution	31,822		33,015
Net earnings	$	8,233	$	7,454
Net earnings per common share	$	0.26	$	0.23

At March 31, 2012 and 2011, 4,287,922 and 2,163,436 shares associated with stock options, respectively were excluded from the average common shares assuming dilution, as they were anti-dilutive. At March 31, 2012, the majority of the anti-dilutive shares were granted at an exercise price of $24.45, which was higher than the average fair market value price of $16.74 for 2012. At March 31, 2011, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value price of $29.74 for 2011. Shares necessary to settle a conversion spread on the convertible notes were included in the common shares assuming dilution as the average market price of the company stock for 2011 did exceed the conversion price, which was not the case in 2012.