Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

8. Earnings Per Share

The Company adopted the FASB's authoritative guidance regarding the determination of whether instruments granted in share-based payment transactions are participating securities. This guidance provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and should be included in the computation of earnings per share pursuant to the two-class method. This guidance was effective January 1, 2010.

Following is a summary of the information used in the computation of earnings per common share (in thousands), using the two-class method:

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Numerator:
Net income to common shareholders	$	12,088	$	6,500	$	27,416	$	20,334
Net income allocated to participating securities - basic and diluted		77		58		151		115
Net income allocated to common shareholders - basic and diluted	$	12,011	$	6,442	$	27,265	$	20,219
Denominator:
Weighted-average common shares - basic		54,890		36,876		46,160		36,855
Dilutive potential common shares		145		202		150		220
Weighted average common shares - diluted		55,035		37,078		46,310		37,075
Earnings per common share:
Basic	$	0.22	$	0.17	$	0.59	$	0.55
Diluted	$	0.22	$	0.17	$	0.59	$	0.55

The converted Whitney options of 775,261 were anti-dilutive share-based incentives outstanding for the three and six months ended June 30, 2011.

There were no other anti-dilutive share-based incentives outstanding for the three and six months ended June 30, 2011 and June 30, 2010.