Earnings per Share

6 Months Ended

Jun. 30, 2012

Earnings per Share [Abstract]

Earnings per Share

Note 2.  Earnings per Share

Basic earnings per share is determined by dividing net income attributable to controlling interest by the weighted average number of common shares outstanding during each period.  Diluted earnings per share include the potential dilutive effects of options, restricted stock units and shares held in the Company's Supplemental Executive Retirement Plan.

 

The following table sets forth the computation of basic and diluted earnings per share for the three and six-month periods 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
Numerator:
Net income attributable to controlling interest	$	10,366	$	14,086	$	22,611	$	24,230
Denominator:
Denominator for basic earnings per share		22,691		22,576		22,667		22,571
Effect of dilutive securities:
Employee stock options and restricted stock  units		242		315		274		285
Supplemental Executive Retirement Plan		108		101		106		100
Denominator for diluted earnings per share		23,041		22,992		23,047		22,956
Net income attributable to controlling interest per share:
Basic	$	0.46	$	0.62	$	1.00	$	1.07
Diluted	$	0.45	$	0.61	$	0.98	$	1.06

A total of 1,072 and 323 options were antidilutive for the three month-periods ended June 30, 2012 and 2011, respectively.  A total of 698 options were antidilutive for each of the six month-periods ended June 30, 2012 and 2011.  Antidilutive options are not included in the diluted earnings per share computation.