Earnings Per Share

3 Months Ended

Mar. 31, 2013

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 months ended March 31, 2013, and 2012. 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
	March 31,
(in thousands, except per share data)	2013		2012
Net income	$	11,487	$	5,598
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period		54,796		57,484
Incremental common shares attributable to exercise of outstanding dilutive options		215		212
Incremental common shares attributable to outstanding restricted shares, restricted stock units and phantom stock		139		157
Denominator for diluted earnings per share		55,150		57,853
Basic earnings per share	$	0.21	$	0.10
Diluted earnings per share	$	0.21	$	0.10

Options to purchase 3.3 million and 3.4 million common shares for the three months ended March 31, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.