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 September 30, 2011 and September 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 September 30, 2011 and 2010. Unvested shares of our restricted stock do not contain nonforfeitable rights to dividends or dividend equivalents.

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 September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income from continuing operations	$	5,822	$	1,022	$	13,607	$	9,791
Weighted-average shares outstanding - basic            and diluted:
Weighted-average shares outstanding - basic		49,033		58,548		49,982		58,380
Add effect of dilutive securities:
Unvested restricted shares		333		350		326		351
Stock options		—		—		—		6
Warrants		—		—		—		—
Weighted-average shares outstanding - diluted		49,366		58,898		50,308		58,737
Basic net income per share from continuing           operations	$	0.12	$	0.02	$	0.27	$	0.17
Diluted net income per share from continuing           operations	$	0.12	$	0.02	$	0.27	$	0.17

The weighted-average diluted common shares outstanding for the three and nine months ended September 30, 2011 excludes the effect of an aggregate of 563,693 and 718,552 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 nine months ended September 30, 2010 excludes the effect of an aggregate of 1,626,789 and 926,360 restricted shares, out-of-the-money options and warrants, respectively, because their effect would be anti-dilutive.