Net Income Per Common Share

9 Months Ended

Sep. 30, 2011

NET INCOME PER COMMON SHARE [Abstract]

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 nine months ended September 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
	September 30,
	2011				2010
	Income		Weighted-Average Common Shares ⁽¹⁾		Income			Weighted- Average Common Shares ⁽¹⁾
Net income	$	1,532			$	7,022
Preferred stock dividends	—				(1,056		)
Net income to common shareholders	$	1,532	40,353,219		$	5,966		17,230,410
Effect of dilutive items	—		82		1,056			4,226,862
Diluted	$	1,532	40,353,301		$	7,022		21,457,272
Net income per common share:
Basic			$	0.04				$	0.35
Diluted ⁽¹⁾			$	0.04				$	0.33
Components of dilutive items:
Convertible preferred stock	$	—	—		$	1,056		4,221,387
Stock options	—		82		—			5,475
	$	—	82		$	1,056		4,226,862


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



	Nine Months Ended
	September 30,
	2011				2010
	Income		Weighted-Average Common Shares⁽¹⁾		Income			Weighted-Average Common Shares⁽¹⁾
Net income	$	25,406			$	19,826
Preferred stock dividends	—				(3,061		)
Net income to common shareholders	25,406		37,972,766		16,765			15,531,847
Effect of dilutive items	—		1,183		3,061			4,225,145
Diluted	$	25,406	$	37,973,949	$	19,826		19,756,992
Net income per common share:
Basic			$	0.67				$	1.08
Diluted ⁽¹⁾			$	0.67				$	1.00
Components of dilutive items:
Convertible preferred stock	$	—	—		$	3,061		4,221,387
Stock options	—		1,183		—			3,758
	$	—	1,183		$	3,061		4,225,145


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