EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

4. EARNINGS PER SHARE

The following table reconciles income (numerator) and shares (denominator) used in our computations of diluted earnings per share for the three and nine months ended September 30, 2011 and 2010 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Income (Numerator)
Income from continuing operations	$	19,441		$	14,213		$	53,235		$	42,293
Income impact of assumed conversion of the 4.875% Notes, net of taxes	42			42			125			125
Net (income) loss attributable to noncontrolling interests included in continuing operations	(93		)	131			161			978
Numerator for diluted earnings per common share from continuing operations	19,390			14,386			53,521			43,396
Loss from discontinued operations	(110		)	(68		)	(300		)	(202		)
Numerator for diluted earnings attributable to Sinclair Broadcast Group	$	19,280		$	14,318		$	53,221		$	43,194
Shares (Denominator)
Weighted-average common shares outstanding	80,940			80,344			80,812			80,204
Dilutive effect of stock-settled appreciation rights and stock options	1			28			2			21
Dilutive effect of 4.875% Notes	254			255			254			255
Weighted-average common and common equivalent shares outstanding	81,195			80,627			81,068			80,480

Potentially dilutive securities representing 1.0 million and 7.0 million shares of common stock for each of the three and nine months ended September 30, 2011 and 2010, respectively, were excluded from the computation of diluted earnings per common share for these periods because their effect would have been antidilutive.  The decrease in potentially dilutive securities is primarily related to the full redemption of our 6.0% Notes.  The net income per share amounts are the same for Class A and Class B Common Stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation.