Earnings Per Share

9 Months Ended

Sep. 30, 2011

(10) Earnings Per Share

The Company presents basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is calculated by dividing net income by the weighted average number of common and common equivalent shares outstanding during the applicable period.

The following table reconciles basic weighted average outstanding shares to diluted weighted average outstanding shares for the quarter and nine months ended September 30, 2011 and 2010:


	Quarter Ended September 30,				Nine months Ended September 30,
*(in thousands, except per share amounts)*	2011		2010		2011		2010
Numerator:
Net income — numerator for basic net earnings per share	$	7,220	$	5,368	$	27,415	$	10,123
Add: Effect of dilutive securities
Stock options and other equity compensation		—		—		—		—

Numerator for dilutive earnings per share	$	7,220	$	5,368	$	27,415	$	10,123


Denominator:
Weighted average shares — denominator for basic net earnings per share		50,450		46,294		49,455		46,020
Add: Effect of dilutive securities
Stock options and other equity compensation		952		588		1,020		584

Denominator for dilutive earnings per share		51,402		46,882		50,475		46,604

Earnings per share
Basic	$	0.14	$	0.12	$	0.55	$	0.22

Diluted	$	0.14	$	0.11	$	0.54	$	0.22

Unexercised employee stock options excluded from diluted earnings per share ⁽¹⁾		—		280		—		266


⁽¹⁾		The average outstanding diluted shares calculation excludes options with an exercise price that exceeds the average market price of shares during the period, since the effect of their inclusion would have been anti-dilutive resulting in an increase to the net earnings per share.