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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share

10. Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all potentially dilutive securities, consisting of stock options, for which the estimated fair value exceeds the exercise price, less shares which could have been purchased with the related proceeds, unless anti-dilutive. For employee equity awards, repurchased shares are also included for any unearned compensation adjusted for tax.

The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share.

 

 

      September 30,       September 30,       September 30,  
    Year Ended December 31,  
    2011     2010     2009  

Denominator:

                        

Basic common shares outstanding

     44,631       45,722       45,184  

Effect of dilutive stock options and restricted stock

     474       674       319  
   

 

 

    

 

 

    

 

 

  

Diluted common shares outstanding

     45,105       46,396       45,503  
   

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding exclude the incremental effect of shares that would be issued upon the assumed exercise of stock options. For the year ended December 31, 2011, 2010 and 2009, approximately 2,158, 602 and 1,571, respectively, of the University’s stock options outstanding were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. These options could be dilutive in the future.