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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share  
Earnings Per Share

8. Earnings Per Share

        The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the treasury method. The Company's unvested grants of restricted stock contain non-forfeitable rights to dividends, should any be declared, and are treated as participating securities and included in the computation of earnings per share.

        Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:

 
   Three months ended
June 30, 		  Six months ended
June 30, 		 
(In thousands except per share data)
  2012   2011   2012   2011  

Numerator:

                          

Net income

   $ 9,535   $ 3,717   $ 15,745   $ 8,217  

Less: Net income allocated to participating securities          

     83     —     120     —  
                   

Net income available to common shareholders

   $ 9,452   $ 3,717   $ 15,625   $ 8,217  
                   

Denominator:

                          

Weighted average common shares outstanding

     20,338     20,059     20,319     20,021  

Weighted average dilutive securities

     756     919     779     935  
                   

Weighted average common shares outstanding, diluted          

     21,094     20,978     21,098     20,956  
                   

Income per common share, basic

   $ 0.46   $ 0.19   $ 0.77   $ 0.41  

Income per common share, diluted

   $ 0.45   $ 0.18   $ 0.74   $ 0.39  

        Employee stock options to purchase approximately 358,000 and 112,000 shares of common stock during the three months and six months ended June 30, 2012, respectively, and employee stock options to purchase approximately 90,000 shares of common stock during the three months and six months ended June 30, 2011 were outstanding but not included in the calculation of diluted earnings per common share because the effect would have been anti-dilutive. Additionally, for the three and six months ended June 30, 2012 and 2011, potential common shares related to the unvested portion of performance awards of approximately 12,000 and 60,000, respectively, were excluded from the calculation of diluted earnings per share because the underlying performance obligation was not met as of the end of the period.