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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
11. EARNINGS PER SHARE

The Company reports earnings per share data in accordance ASC Topic 260, "Earnings Per Share." Effective January 1, 2009, FASB ASC Topic 260 was updated for the issuance of FASB Staff Position ("FSP") EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities", or FSP EITF 03-6-1, with transition guidance included in FASB ASC Topic 260-10-65-2. Under FSP EITF 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Company has calculated its basic and diluted earnings per share using the two-class method. The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

 

(in thousands except per share data)

    Three Months
Ended
Mar. 31,  2012		      Three Months
Ended
Mar. 31,  2011		  

Numerator:

      

Net income from continuing operations attributable to common shareholders

    $ 11,138      $ 8,260  

Denominator:

      

Denominator for basic earnings per share – weighted average shares

      28,786        27,537  

Effect of Dilutive Securities:

      

Stock options, warrants and non-vested stock

      92        40  
  

 

 

     

 

 

  

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion

      28,878        27,577  

Basic earnings per common share attributable to common shareholders

    $ 0.39      $ 0.30   

Diluted earnings per common share attributable to common shareholders

    $ 0.39       $ 0.30   

Not included in the effect of dilutive securities above are 76,500 stock options and 152,345 unvested restricted shares for the three months ended March 31, 2012; and 306,268 stock options and 153,029 unvested restricted shares for the year ended March 31, 2011, because their effects on the above dilutive earnings per share calculation would be antidilutive.