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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2011
EARNINGS PER SHARE  
EARNINGS PER SHARE

8.  EARNINGS PER SHARE

 

In calculating earnings per common share, we allocate our earnings between common shareholders and holders of unvested share-based payment awards (e.g. restricted stock) that contain rights to nonforfeitable dividends. This earnings allocation is referred to as the two-class method.

 

Under the two-class method undistributed earnings are allocated between common stock and participating securities (restricted stock) as if all of the net earnings for the period had been distributed. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted average number of common shares outstanding during the period, as adjusted for the potential dilutive effect of non-participating share-based awards such as stock options and RSUs. The following table reconciles earnings per common share for the three and six months ended June 30, 2011 and 2010 (in thousands, except per share data):

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Income from continuing operations

 

$

10,498

 

$

8,830

 

$

23,386

 

$

16,708

 

Less portion allocated to unvested share awards

 

(51

)

(79

)

(115

)

(160

)

Income from continuing operations attributable to common shares

 

$

10,447

 

$

8,751

 

$

23,271

 

$

16,548

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

(285

)

$

170

 

$

(494

)

$

334

 

Less portion allocated to unvested share awards

 

1

 

(2

)

2

 

(3

)

Income (loss) from discontinued operations attributable to common shares

 

$

(284

)

$

168

 

$

(492

)

$

331

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

10,213

 

$

9,000

 

$

22,892

 

$

17,042

 

Less portion allocated to unvested share awards

 

(50

)

(81

)

(113

)

(163

)

Net income attributable to common shares

 

$

10,163

 

$

8,919

 

$

22,779

 

$

16,879

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

27,421

 

27,894

 

27,606

 

26,131

 

Dilutive stock options and warrants

 

331

 

337

 

315

 

434

 

Weighted average common shares outstanding - diluted

 

27,752

 

28,231

 

27,921

 

26,565

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share:

 

 

 

 

 

 

 

 

 

Continuing

 

$

0.38

 

$

0.31

 

$

0.84

 

$

0.63

 

Discontinued

 

(0.01

)

0.01

 

(0.01

)

0.02

 

Total

 

$

0.37

 

$

0.32

 

$

0.83

 

$

0.65

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

Continuing

 

$

0.38

 

$

0.31

 

$

0.83

 

$

0.62

 

Discontinued

 

(0.01

)

0.01

 

(0.01

)

0.02

 

Total

 

$

0.37

 

$

0.32

 

$

0.82

 

$

0.64

 

 

 

 

 

 

 

 

 

 

 

Antidilutive securities not included:

 

 

 

 

 

 

 

 

 

Options, warrants and RSUs

 

361

 

81

 

689

 

130