Net Income Per Common Share

6 Months Ended

Jun. 30, 2011

NET INCOME PER COMMON SHARE [Abstract]

Net Income per Common Share

NET INCOME PER COMMON SHARE

Net income per common share is presented on both a basic and diluted basis.  Diluted net income per common share assumes the exercise of stock options using the treasury stock method, and for the three and six months ended June 30, 2010 the conversion of the Company’s formerly outstanding convertible preferred stock into common stock using the two-class method, but only if these items are dilutive.  Each share of Series D preferred stock was convertible into one share of common stock.  The following tables reconcile the numerator and denominator for both basic and diluted net income per common share:

	Three Months Ended
	June 30,
	2011				2010
	Income		Weighted-Average Common Shares (1)		Income			Weighted- Average Common Shares (1)
Net income	$	13,594			$	7,267
Preferred stock dividends	—				(1,003		)
Net income to common shareholders	$	13,594	40,333,269		$	6,264		15,122,324
Effect of dilutive items	—		1,138		1,003			4,224,706
Diluted	$	13,594	40,334,407		$	7,267		19,347,030
Net income per common share:
Basic			$	0.34				$	0.41
Diluted (1)			$	0.34				$	0.38
Components of dilutive items:
Convertible preferred stock	$	—	—		$	1,003		4,221,539
Stock options	—		1,138		—			3,167
	$	—	1,138		$	1,003		4,224,706

(1) For the three months ended June 30, 2011 and June 30, 2010, the calculation of diluted net income per common shareexcludes 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.

	Six Months Ended
	June 30,
	2011				2010
	Income		Weighted-Average Common Shares (1)		Income			Weighted-Average Common Shares (1)
Net income	$	23,874			$	12,804
Preferred stock dividends	—				(2,005		)
Net income to common shareholders	23,874		36,762,811		10,799			14,668,489
Effect of dilutive items	—		2,209		2,005			4,224,438
Diluted	$	23,874	$	36,765,020	$	12,804		18,892,927
Net income per common share:
Basic			$	0.65				$	0.74
Diluted (1)			$	0.65				$	0.68
Components of dilutive items:
Convertible preferred stock	$	—	—		$	2,005		4,221,539
Stock options	—		2,209		—			2,899
	$	—	2,209		$	2,005		4,224,438

(1)  For the six months ended June 30, 2010, the calculation of diluted net income per common shareexcludes 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.