Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

12. 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 Sep. 30,  2012		Three Months Ended Sep. 30,  2011		Nine Months Ended Sep. 30,  2012		Nine Months Ended Sep. 30,  2011
Numerator:
Net income from continuing operations attributable to common shareholders	$	14,024	$	1,428	$	35,040	$	17,772
Denominator:
Denominator for basic earnings per share—weighted average shares		29,475		27,593		29,048		27,564
Effect of Dilutive Securities:
Stock options, warrants and non-vested stock		149		41		120		44
Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversion		29,624		27,634		29,168		27,608
Basic earnings per common share from continuing operations attributable to common shareholders	$	0.48	$	0.05	$	1.20	$	0.64
Basic earnings per common share attributable to common shareholders	$	0.64	$	0.08	$	1.43	$	0.74
Diluted earnings per common share from continuing operations attributable to common shareholders	$	0.47	$	0.05	$	1.20	$	0.64
Diluted earnings per common share attributable to common shareholders	$	0.63	$	0.08	$	1.43	$	0.74

Not included in the effect of dilutive securities above are 9,500 stock options and 108,949 unvested restricted shares for the three months ended September 30, 2012, and 309,768 stock options and 141,482 unvested restricted shares for the three months ended September 30, 2011, because their effect would be antidilutive. Not included in the effect of dilutive securities above are 41,833 stock options and 131,525 unvested restricted shares for the nine months ended September 30, 2012, and 309,901 stock options and 147,131 unvested restricted shares for the nine months ended September 30, 2011, because their effects on the above dilutive earnings per share calculation would be antidilutive.