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EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2011
EARNINGS PER COMMON SHARE  
EARNINGS PER COMMON SHARE

7 - EARNINGS PER COMMON SHARE

 

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the vesting of nonvested stock awards (refer to Note 17 — Nonvested Stock Awards), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.  Of the 807,987 nonvested shares outstanding at June 30, 2011 (refer to Note 17 — Nonvested Stock Awards), 664,738 shares are anti-dilutive.  The Company’s diluted earnings per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive under the “if converted” method. The impact of the shares convertible under the Company’s convertible notes is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

 

The components of the denominator for the calculation of basic earnings per share and diluted earnings per share are as follows:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, basic:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

35,150,352

 

31,413,874

 

35,146,254

 

31,409,858

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, diluted:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

35,150,352

 

31,413,874

 

35,146,254

 

31,409,858

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of convertible notes

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of restricted stock awards

 

54,297

 

149,005

 

65,382

 

143,368

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, diluted

 

35,204,649

 

31,562,879

 

35,211,636

 

31,553,226