Earnings Per Share

9 Months Ended

Sep. 30, 2011

Note 2 — Earnings Per Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
	(in thousands, except per share data)
Income (numerator):
*Basic:*
Net income	$	51,821		$	19,382		$	148,809		$	72,672
Net income attributable to participating securities		(976	)		(315	)		(2,807	)		(1,181	)

Net income attributable to common stock — basic	$	50,845		$	19,067		$	146,002		$	71,491


*Diluted:*
Net income	$	51,821		$	19,382		$	148,809		$	72,672
Net income attributable to participating securities		(975	)		(314	)		(2,805	)		(1,180	)

Net income attributable to common stock — diluted	$	50,846		$	19,068		$	146,004		$	71,492


Weighted average shares (denominator):
Weighted average shares — basic		48,029			47,713			47,963			47,659
Diluted effect of stock options		42			14			43			22

Weighted average shares — diluted		48,071			47,727			48,006			47,681


Basic income per common share	$	1.06		$	0.40		$	3.04		$	1.50

Diluted income per common share	$	1.06		$	0.40		$	3.04		$	1.50

Stock options that were considered antidilutive because the exercise price of the option exceeded the average price of our common stock for the applicable period totaled approximately 376,000 and 422,000 shares for the three months ended September 30, 2011 and 2010, respectively. Stock options that were considered antidilutive totaled approximately 376,000 and 422,000 shares during the nine months ended September 30, 2011 and 2010, respectively.

During each of the three-month periods ended September 30, 2011 and 2010, approximately 59,000 shares of common stock were issued upon the vesting of restricted stock by employees and nonemployee directors. During the nine months ended September 30, 2011 and 2010, approximately 312,000 and 254,000 shares of common stock, respectively, were issued upon the vesting of restricted stock by employees and nonemployee directors.