7. EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

7. EARNINGS PER SHARE

Basic and Diluted Earnings Per Share

     Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding at June 30, 2011 and June 30, 2010, are considered contingently returnable until the restrictions lapse and will not be included in the basic earnings per share calculation until the shares are vested.

     Diluted earnings per share includes the effect of all potentially dilutive securities on earnings per share. Our unvested restricted shares, stock options and warrants are potentially dilutive securities. The difference between basic and diluted weighted-average shares outstanding was the dilutive effect of unvested restricted shares, stock options and warrants for the three months ended June 30, 2011 and 2010.

     The following table represents a reconciliation of the shares used in the calculation of basic and diluted net income per share from continuing operations computations contained in our condensed consolidated financial statements (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net income from continuing operations	$	4,853	$	3,890	$	7,785	$	8,769
Weighted-average shares outstanding - basic and diluted:
Weighted-average shares outstanding - basic		50,173		58,367		50,465		58,294
Add effect of dilutive securities:
Unvested restricted shares		335		390		323		352
Stock options		—		17		—		9
Warrants		—		—		—		—
Weighted-average shares outstanding - diluted		50,508		58,774		50,788		58,655
Basic net income per share from continuing operations	$	0.10	$	0.07	$	0.15	$	0.15
Diluted net income per share from continuing operations	$	0.10	$	0.07	$	0.15	$	0.15

     The weighted-average diluted common shares outstanding for the three and six months ended June 30, 2011 excludes the effect of an aggregate of 536,479 and 795,981 restricted shares, out-of-the-money options and warrants, respectively, because their effect would be anti-dilutive. The weighted-average diluted common shares outstanding for the three and six months ended June 30, 2010 excludes the effect of an aggregate of 476,466 and 576,146 restricted shares, out-of-the-money options and warrants, respectively, because their effect would be anti-dilutive.