Earnings per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings per Share

Basic earnings per share is based upon the weighted average common shares outstanding during each year.  Diluted earnings per share is based on the basic weighted earnings per share with additional weighted common shares for common stock equivalents. During the three and nine months ended September 30, 2011 the Company did not have any common stock equivalents; therefore, diluted earnings per share were equal to basic earnings per share for those periods. During the three and nine months ended September 30, 2012 the Company had outstanding common stock equivalents in the form of grants of shares of common stock to certain employees of the Company under the 2011 Restricted Stock Award Plan. A reconciliation of the numerator (net income) and denominator (weighted average number of shares outstanding of the basic and diluted earnings per share ("EPS")) for the three months and nine months ended September 30, 2012 is as follows (in thousands, except per share data):

	Three months ended September 30, 2012
	Net Income (numerator) (in thousands)		Shares (denominator) (in thousands)	Per Share Amount
Basic EPS	$	12,434	85,646	$	0.15
Effect of restricted stock	—		279
Diluted EPS	$	12,434	85,925	$	0.14

	Nine months ended September 30, 2012
	Net Income (numerator) (in thousands)	Shares (denominator) (in thousands)	Per Share Amount
Basic EPS	47,249	86,189	$	0.55
Effect of restricted stock	—	319
Diluted EPS	47,249	86,508	$	0.55