Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

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 March 31,
	2012			2011
	(in thousands, except per share data)
Income (numerator):
Basic:
Net income	$	50,974		$	39,792
Net income attributable to participating securities		(1,217	)		(874	)
Net income attributable to common stock – basic	$	49,757		$	38,918
Diluted:
Net income	$	50,974		$	39,792
Net income attributable to participating securities		(1,216	)		(873	)
Net income attributable to common stock – diluted	$	49,758		$	38,919
Weighted average shares (denominator):
Weighted average shares – basic		48,254			47,898
Diluted effect of stock options		45			41
Weighted average shares – diluted		48,299			47,939
Basic income per common share	$	1.03		$	0.81
Diluted income per common share	$	1.03		$	0.81

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 372,000 and 398,000 shares for the three months ended March 31, 2012 and 2011, respectively. During the three months ended March 31, 2012 and 2011, respectively, approximately 232,000 and 180,000 shares of common stock were issued upon the vesting of restricted stock by employees and nonemployee directors.

Because it is management’s stated intention to redeem the principal amount of our 2017 Convertible Notes (see Note 4 – Long-Term Debt) in cash, we have used the treasury method for determining potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during the reporting period, the convertible notes were not dilutive for such period. Additionally, since the average price of our common stock was less than the strike price of the Sold Warrants for the reporting period, such warrants were also not dilutive for such period.