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Earnings Per Share
 9 Months Ended
Sep. 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
September 30, 		  Nine months ended
September 30, 		 
(In thousands except per share data)
  2012   2011   2012   2011  

Numerator:

                          

Net income

   $ 8,746   $ 4,221   $ 24,491   $ 12,438  

Less: Net income allocated to participating securities

     78     —     195     —  
                   

Net income available to common shareholders

   $ 8,668   $ 4,221   $ 24,296   $ 12,438  
                   

Denominator:

                          

Weighted average common shares outstanding

     20,410     20,265     20,349     20,102  

Weighted average dilutive securities

     776     776     785     883  
                   

Weighted average common shares outstanding, diluted

     21,186     21,041     21,134     20,985  
                   

Income per common share, basic

   $ 0.42   $ 0.21   $ 1.19   $ 0.62  

Income per common share, diluted

   $ 0.41   $ 0.20   $ 1.15   $ 0.59  

        Employee stock options to purchase approximately 229,000 and 90,000 shares of common stock during the three and nine months ended September 30, 2012 and September 30, 2011, respectively, 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 nine months ended September 30, 2012 and 2011, potential common shares related to the unvested portion of performance awards of approximately 12,000 and 74,000, 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 applicable period.