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Earnings Per Share | 12 Months Ended
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Dec. 31, 2011
Earnings Per Share [Abstract] |
Earnings Per Share |
14. | Earnings Per Share
Diluted earnings per share includes common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the "if converted" method for participating securities if the result is dilutive. The two-class method of calculating diluted earnings per share is used whether the "if converted" result is dilutive or anti-dilutive. The calculation of basic and diluted EPS for the years ended December 31, 2011, 2010 and 2009 are presented below.
|  | For the Year Ended December 31, |
| 2011 |  |  | 2010 |  |  | 2009 |
|  | (In thousands, except per share amounts) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 24,125 |  |  | $ | 34,606 |  |  | $ | 47,563 |
Redemption Premium |  |  | — |  |  |  | — |  |  |  | (875 | )
Income available to common shareholders |  | $ | 24,125 |  |  | $ | 34,606 |  |  | $ | 46,688 |
Amount allocable to common shareholders |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 94.1 | %
Income allocable to common shareholders |  | $ | 24,125 |  |  | $ | 34,606 |  |  | $ | 43,933 |
Weighted-average common shares outstanding |  |  | 18,250 |  |  |  | 18,637 |  |  |  | 18,860 |
Basic earnings per share |  | $ | 1.32 |  |  | $ | 1.86 |  |  | $ | 2.33 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Income allocable to common shareholders |  | $ | 24,125 |  |  | $ | 34,606 |  |  | $ | 43,933 |
Weighted average common shares outstanding |  |  | 18,250 |  |  |  | 18,637 |  |  |  | 18,860 |
Diluted effect: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 440 |  |  |  | 449 |  |  |  | 396 |
Restricted stock |  |  | 11 |  |  |  | 9 |  |  |  | 12 |
Weighted average diluted shares outstanding |  |  | 18,701 |  |  |  | 19,095 |  |  |  | 19,268 |
Diluted earnings per share |  | $ | 1.29 |  |  | $ | 1.81 |  |  | $ | 2.28 |
The table below sets forth the calculation of the percentage of net income allocable to common shareholders, or the "portion allocable to common shareholders." Under the two-class method, unvested stock options, and out-of-money vested stock options are not considered to be participating securities.
|  | Years Ended |
| 2011 |  |  | 2010 |  |  | 2009 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares |  |  | 18,250,173 |  |  |  | 18,637,167 |  |  |  | 18,860,197 |
Add: Other common shares eligible for common dividends: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average restricted shares and stock options (including tax benefit component) |  |  | 450,809 |  |  |  | 458,153 |  |  |  | 408,098 |
Weighted average participating common shares |  |  | 18,700,982 |  |  |  | 19,095,320 |  |  |  | 19,268,295 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average participating common shares |  |  | 18,700,982 |  |  |  | 19,095,320 |  |  |  | 19,268,295 |
Add: Other classes of securities, including contingently issuable common shares and convertible preferred shares: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares issuable upon conversion of Series C preferred shares |  |  | — |  |  |  | — |  |  |  | 242,287 |
Weighted average common shares issuable upon conversion of Series D preferred shares |  |  | — |  |  |  | — |  |  |  | 969,154 |
Weighted average participating shares |  |  | 18,700,982 |  |  |  | 19,095,320 |  |  |  | 20,479,736 |
Portion allocable to common shareholders |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 94.1 | %

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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