Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six months ended  June 30,
(in thousands, except market price data)	2013		2012		2013	2012
Net income/(loss) available to common shareholders	($7,379	)	($33,745	)	$4,132	$13,296
Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income/(loss) per share	31,628		31,349		31,562	31,329
Effect of dilutive stock-based compensation plans:
Stock options	-		-		125	69
Long-term incentive plan	-		-		169	120
Weighted average number of shares used in
calculating diluted net income/(loss) per share	31,628		31,349		31,856	31,518
Average market price of common stock used
for calculation of dilutive shares	$30.59		$20.22		$28.53	$22.08
Net income per share:
Basic	($0.23	)	($1.08	)	$0.13	$0.42
Diluted	($0.23	)	($1.08	)	$0.13	$0.42

As a result of a net loss in the second quarter of 2013 and 2012, the potential dilutive effect of stock-based compensation plans was not included in the computation of diluted earnings per share for these periods because to do so would have been antidilutive.

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

	Class A	Class B	Less: Treasury	Net shares
	Shares	Shares	Shares	Outstanding
June 30, 2013	36,875,127	3,236,098	(8,463,635)	31,647,590
March 31, 2013	36,827,227	3,236,098	(8,467,873)	31,595,452
June 30, 2012	36,589,304	3,236,098	(8,467,873)	31,357,529