Earnings Per Share

9 Months Ended

Sep. 30, 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		Nine Months Ended
	September 30,		September 30,
(in thousands, except market price data)	2012	2011	2012	2011
Net income available to common shareholders	$9,463	$16,674	$22,759	$42,169
Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	31,363	31,278	31,340	31,255
Effect of dilutive stock-based compensation plans:
Stock options	35	75	58	112
Long-term incentive plan	152	109	152	109
Weighted average number of shares used in
calculating diluted net income per share	31,550	31,462	31,550	31,476
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	$19.92	$22.24	$21.46	$23.78
Net income per share:
Basic	$0.30	$0.53	$0.73	$1.35
Diluted	$0.30	$0.53	$0.72	$1.34

As of September 30, 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
December 31, 2011	36,540,842	3,236,098	(8,479,487)	31,297,453
June 30, 2012	36,589,304	3,236,098	(8,467,873)	31,357,529
September 30, 2012	36,629,604	3,236,098	(8,467,873)	31,397,829