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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share
10. Earnings Per Share

Basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if securities to issue common stock were exercised.

The following tables reconcile the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for net income for the three and nine-month periods ended September 30, 2011, and 2010 (in thousands, except per share data):

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2011     2010     2011     2010  

Numerator for EPS:

                                

Net income

   $ 975     $ 13,077     $ 22,422     $ 30,788  

Less: Preferred stock dividends

     (5 )      (5 )      (15 )      (15 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Income available to common stockholders

   $ 970     $ 13,072     $ 22,407     $ 30,773  

Denominator for EPS:

                                

Weighted average common shares outstanding

     39,190       39,167       39,177       39,076  

Plus: Assumed conversion of stock-based compensation

     651       949       871       1,150  

Assumed conversion of preferred stock

     489       160       489       160  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average diluted common shares outstanding

     40,330       40,276       40,536       40,386  

Basic earnings per common share

   $ 0.02     $ 0.33     $ 0.57     $ 0.78  

Diluted earnings per common share

   $ 0.02     $ 0.32     $ 0.55     $ 0.76