Note 11 - Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

NOTE 11:  EARNINGS PER SHARE

Certain of our restricted stock awards granted are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock.  As participating securities, we include these instruments in the earnings allocation in computing earnings per share (“EPS”) under the two-class method described in ASC 260.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method: 

	Three Months Ended March 31						Nine Months Ended March 31
	2012			2011			2012			2011
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	25,845		$	28,693		$	61,513		$	110,171
Less:  Distributed and undistributed income allocated to participating securities		(371	)		(522	)		(891	)		(2,015	)
Distributed and undistributed income available to shareholders	$	25,474		$	28,171		$	60,622		$	108,156
Denominator:
Basic weighted average shares outstanding		39,386			39,660			39,335			39,497
Basic earnings per share	$	0.65		$	0.71		$	1.54		$	2.74
Diluted earnings per share
Numerator:
Net income attributable to shareholders	$	25,845		$	28,693		$	61,513		$	110,171
Less:  Distributed and undistributed income allocated to participating securities		(371	)		(522	)		(891	)		(2,015	)
Distributed and undistributed income available to shareholders	$	25,474		$	28,171		$	60,622		$	108,156
Denominator:
Basic weighted average shares outstanding		39,386			39,660			39,335			39,497
Effect of dilutive stock options and non-participating securities		430			535			456			468
Diluted weighted average shares outstanding		39,816			40,195			39,791			39,965
Diluted earnings per share	$	0.64		$	0.70		$	1.52		$	2.71

There were no stock options that could potentially dilute basic earnings per share in the future, which were not included in the fully diluted computation because the grant prices were greater than the average market price of common shares for the period, for the three and nine months ended March 31, 2012 or 2011.