Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 3 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents during the three and six months ended June 30, 2012 and 2011. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in-capital, if any, when the share is exercised are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of basic and diluted earnings per share.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2012		2011		2012		2011
Net income	$	13,580	$	14,701	$	19,178	$	29,214
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period		56,963		60,159		57,223		60,537
Incremental common shares attributable to exercise of outstanding dilutive options		124		313		173		413
Incremental common shares attributable to outstanding restricted shares, restricted stock units and phantom stock		111		95		203		175
Denominator for diluted earnings per share		57,198		60,567		57,599		61,125
Basic earnings per share	$	0.24	$	0.24	$	0.34	$	0.48
Diluted earnings per share	$	0.24	$	0.24	$	0.33	$	0.48

Options to purchase 3.8 million and 3.6 million common shares for the three and six months ended June 30, 2012, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Options to purchase 3.7 million and 2.9 million common shares for the three and six months ended June 30, 2011, respectively, were not included in the computation of diluted earnings per share because the option exercise price was greater than the average market price of the common shares.