Earnings Per Share

9 Months Ended

Sep. 30, 2011

18. EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive potential common shares which, in the Company's case, comprise shares issuable under its equity compensation plans described in Note 13 of the consolidated financial statements. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the restricted stock and restricted stock unit awards assumed to have vested.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Numerator:
Income from continuing operations	$	7,383	$	781	$	16,070	$	982
(Loss) income from discontinued operations		(469)		416		7,058		(17,535)
Net income (loss) available to common shareholders	$	6,914	$	1,197	$	23,128	$	(16,553)

Denominator for basic income (loss) per share:
Weighted average shares outstanding		30,554		30,325		30,474		30,295

Denominator for diluted income (loss) per share:
Weighted average shares outstanding		30,554		30,325		30,474		30,295
Common stock options and restricted stock		85		117		146		147
Weighted average shares and conversions		30,639		30,442		30,620		30,442