Earnings Per Share

9 Months Ended

Sep. 30, 2011

7. Earnings Per Share

Earnings per share are computed using the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during the period. Diluted earnings per share include the effect of all potentially dilutive securities.

The amounts used in computing earnings per share, including the effect on income and the weighted average number of shares of potentially dilutive securities, are as follows:

		Three Months Ended		Nine Months Ended
	September 30,			September 30,
(in thousands, except market price data)		2011	2010	2011	2010

Net income		$16,674	$3,627	$42,169	$17,102

Weighted average number of shares:
Weighted average number of shares used in
calculating basic earnings per share		31,278	31,118	31,255	31,040

Effect of dilutive stock-based compensation awards:
Stock options		75	28	112	40
Long-term incentive awards		109	65	109	65

Weighted average number of shares used in
calculating diluted earnings per share		31,462	31,211	31,476	31,145

Average market price of common stock used
for calculation of dilutive shares		$22.24	$18.28	$23.78	$20.07

Net income per share:
Basic		$0.53	$0.12	$1.35	$0.55
Diluted		$0.53	$0.12	$1.34	$0.55

There was no dilution resulting from the convertible debt instrument, purchased call option, and warrant that are described in Note 10 as of September 30, 2011 and 2010.

The following table presents the number of shares issued and outstanding:

	Class A	Class B	Less: Treasury	Net shares
	Shares	Shares	Shares	Outstanding

December 31, 2010	36,442,209	3,236,098	(8,484,528)	31,193,779
March 31, 2011	36,505,292	3,236,098	(8,484,528)	31,256,862
June 30, 2011	36,515,942	3,236,098	(8,479,487)	31,272,553
September 30, 2011	36,521,942	3,236,098	(8,479,487)	31,278,553