Earnings Per Share

3 Months Ended

Mar. 31, 2013

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 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)	2013	2012
Net income available to common shareholders	$11,511	$47,041
Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income/(loss) per share	31,496	31,309
Effect of dilutive stock-based compensation plans:
Stock options	113	110
Long-term incentive plan	173	114
Weighted average number of shares used in
calculating diluted net income per share	31,782	31,533
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	$26.41	$23.97
Net income per share:
Basic	$0.37	$1.50
Diluted	$0.36	$1.49

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, 2013	36,827,227	3,236,098	(8,467,873	)	31,595,452
December 31, 2012	36,642,204	3,236,098	(8,467,873	)	31,410,429
March 31, 2012	36,585,004	3,236,098	(8,479,487	)	31,341,615