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

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

 

     Three Months Ended
March 31,		  
     2012      2011  

Numerator:

      

Net income available to common shareholders

    $ 12,311       $ 5,057   
  

 

 

     

 

 

  

Denominator:

      

Basic weighted average shares outstanding

      15,473,777         15,292,959   

Effect of dilutive securities:

      

SARS and options

      450,686         551,796   

Convertible notes

      776,015        898,823  

Restricted stock

      17,509        80,210   
  

 

 

     

 

 

  

Diluted weighted average shares outstanding

      16,717,987         16,823,788   
  

 

 

     

 

 

  

Basic earnings per share

    $ 0.80       $ 0.33   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.74       $ 0.30   
  

 

 

     

 

 

  

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. For the three months ended March 31, 2012, 260,731 shares of restricted stock and stock options and 136,410 stock appreciation rights were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. For the three months ended March 31, 2011, 311,073 shares of restricted stock and stock options and 43,468 stock appreciation rights were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.