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NET INCOME PER SHARE
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
NET INCOME PER SHARE
NET INCOME PER SHARE
Certain of the Company’s restricted unvested share units contain rights to receive nonforfeitable dividends, and thus, are participating securities requiring the two-class method of computing earnings per share. The participating securities had an insignificant impact on the calculation of earnings per share (impacts the rounding by less than $0.01 per share) on all of the 2011 periods presented; therefore, the Company does not present the full calculation below.
Basic and diluted net income per share was as follows (in thousands, except per share amounts):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2012
 
2011
 
2012
 
2011
Basic net income per share:
 
 
 
 
 
 
 
Net income
$
13,211

 
$
11,243

 
$
28,418

 
$
23,429

Weighted average common shares outstanding
28,446

 
28,583

 
28,403

 
29,234

Basic net income per common share
$
0.46

 
$
0.39

 
$
1.00

 
$
0.80

Diluted net income per share:
 
 
 
 
 
 
 
Net income
$
13,211

 
$
11,243

 
$
28,418

 
$
23,429

Weighted average common shares outstanding — Basic
28,446

 
28,583

 
28,403

 
29,234

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options and restricted stock
331

 
446

 
226

 
586

Weighted average common shares for diluted earnings per share
28,777

 
29,029

 
28,629

 
29,820

Diluted net income per common share
$
0.46

 
$
0.39

 
$
0.99

 
$
0.79



At September 30, 2012 and 2011, the Company had 1.7 million and 1.5 million of outstanding stock options, respectively. The Company also has warrants outstanding relating to its 2016 Notes at September 30, 2012 and 2011. Stock options, restricted stock and warrants are included in the diluted earnings per share calculation using the treasury stock method, unless the effect of including the stock options would be anti-dilutive. For the three months ended September 30, 2012 and 2011, 1.0 million and 0.5 million of anti-dilutive stock options, respectively, were excluded from the diluted earnings per share calculation. For the nine months ended September 30, 2012 and 2011, 1.2 million and 0.2 million of anti-dilutive stock options, respectively, were excluded from the diluted earnings per share calculation. As the strike price of the warrants exceeded the Company’s average stock price for the period, the warrants are anti-dilutive and the entire number of warrants was also excluded from the diluted earnings per share calculation.