Net Income Per Common Share

12 Months Ended

Dec. 31, 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 years ended December 31, 2010 and December 31, 2009, 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.    The following tables reconcile the numerator and denominator for both basic and diluted net income per common share:

	For the Year Ended
	December 31,
	2011				2010					2009
	Income		Weighted-Average Common Shares (1)		Income			Weighted-Average Common Shares (1)		Income			Weighted-Average Common Shares (1)
Net income	$	39,812			$	29,472				$	17,581
Preferred stock dividends	—				(3,061		)			(4,010		)
Net income to common shareholders	39,812		38,579,780		26,411			17,595,022		13,571			13,088,154
Effect of dilutive items	—		799		3,061			3,324,014		4,010			4,222,826
Diluted	$	39,812	38,580,579		$	29,472		20,919,036		$	17,581		17,310,980
Net income per common share:
Basic			$	1.03				$	1.50				$	1.04
Diluted (1)			$	1.03				$	1.41				$	1.02
Components of dilutive items:
Convertible preferred stock	$	—	—		$	3,061		3,319,395		$	4,010		4,221,539
Stock options	—		799		—			4,619		—			1,287
	$	—	799		$	3,061		3,324,014		$	4,010		4,222,826

(1)  For the years ended December 31, 2011 and December 31, 2010, the calculation of diluted net income per common shareexcludes the effects of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive. For the year ended December 31, 2009, the calculation of diluted net income per common share excludes the effects of 70,000 unexercised stock option awards because their inclusion would have been anti-dilutive.