Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

8. 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
	March 31,
(in thousands, except market price data)	2012	2011
Net income/(loss) available to common shareholders	$47,041	$16,733
Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	31,309	31,223
Effect of dilutive stock-based compensation plans:
Stock options	110	114
Long-term incentive plan	114	47
Weighted average number of shares used in
calculating diluted net income per share	31,533	31,384
Effect of stock-based compensation plans
that were not included in the computation of
diluted earnings per share because
to do so would have been antidilutive	-	-
Average market price of common stock used
for calculation of dilutive shares	$23.97	$23.81
Net income/(loss) per share:
Basic	$1.50	$0.54
Diluted	$1.49	$0.53

As of March 31, 2012 and 2011, there was no dilution resulting from the convertible debt instrument, purchased call option, and warrant that are described in Note 11.

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

	Class A	Class B	Less: Treasury	Net shares
	Shares	Shares	Shares	Outstanding
March 31, 2012	36,585,004	3,236,098	(8,479,487)	31,341,615
December 31, 2011	36,540,842	3,236,098	(8,479,487)	31,297,453
March 31, 2011	36,505,292	3,236,098	(8,484,528)	31,256,862