Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 11.  Earnings Per Share

The following are reconciliations of the earnings available to common stockholders and the shares used in calculating basic and dilutive net earnings per common share (in thousands, except per share data):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Basic Net Earnings Per Common Shares:
Earnings from continuing operations	$	14,100		$	11,097		$	34,804		$	22,025
Loss from discontinued operations		(1,055	)		(1,441	)		(1,714	)		(2,309	)
Net earnings available to common stockholders	$	13,045		$	9,656		$	33,090		$	19,716
Weighted average common shares outstanding		22,863			22,597			22,813			22,528
Net earnings from continuing operations per common share	$	0.62		$	0.49		$	1.53		$	0.98
Loss from discontinued operations per common share		(0.05	)		(0.06	)		(0.08	)		(0.10	)
Basic net earnings per common share	$	0.57		$	0.43		$	1.45		$	0.88
Diluted Net Earnings Per Common Share:
Earnings from continuing operations	$	14,100		$	11,097		$	34,804		$	22,025
Interest income on debenture conversions (net of income tax expense)		–			277			316			–
Earnings from continuing operations plus assumed conversions		14,100			11,374			35,120			22,025
Loss from discontinued operations		(1,055	)		(1,441	)		(1,714	)		(2,309	)
Net earnings available to common stockholders plus assumed conversions	$	13,045		$	9,933		$	33,406		$	19,716
Weighted average common shares outstanding		22,863			22,597			22,813			22,528
Plus incremental shares from assumed conversions:
Dilutive effect of restricted stock and performance stock		163			55			168			76
Dilutive effect of stock options		17			–			6			–
Dilutive effect of convertible debentures		–			820			312			–
Weighted average common shares outstanding – Diluted		23,043			23,472			23,299			22,604
Net earnings from continuing operations per common share	$	0.61		$	0.48		$	1.51		$	0.97
Loss from discontinued operations per common share		(0.04	)		(0.06	)		(0.08	)		(0.10	)
Diluted net earnings per common share	$	0.57		$	0.42		$	1.43		$	0.87

The shares listed below were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented or because they were excluded under the treasury method (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Stock options		227		317		238		317
Restricted shares		178		152		164		126
15% convertible subordinated debentures		–		–		–		820