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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 13 – 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 table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for net income for the years ended December 31, 2011, 2010 and 2009 (shares in thousands):

 

                         
    Year Ended December 31,  
    2011     2010     2009  

Numerator for EPS:

                        

Net income

   $ 20,109     $ 36,984     $ 28,787  

Less: Preferred stock dividends

     (20 )      (20 )      (27 ) 
   

 

 

    

 

 

    

 

 

  

Income available to common stockholders

   $ 20,089     $ 36,964     $ 28,760  
   

 

 

    

 

 

    

 

 

  

Denominator for EPS:

                        

Weighted average common shares outstanding

     39,184       39,113       37,618  

Plus: Assumed conversion of stock-based compensation (1)

     770       977       2,679  

           Assumed conversion of preferred stock (2)

     488       489       493  
   

 

 

    

 

 

    

 

 

  

Weighted average diluted common shares outstanding

     40,442       40,579       40,790  
   

 

 

    

 

 

    

 

 

  

Basic earnings per common share

   $ 0.51     $ 0.95     $ 0.76  

Diluted earnings per common share (2)

   $ 0.50     $ 0.91     $ 0.71  

Weighted average number of antidilutive shares

     2,553       1,941       398  

 

(1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.
(2) The assumed conversion of preferred stock for 2010 and 2009 have been corrected to reflect the conversion factor of 1 to 5 for Series M Preferred Stock. A conversion factor of 1 to 1. 25 was incorrectly used to calculate the assumed conversion of Series M Preferred Stock as presented in the Company’s Forms 10-K for the years ended December 31, 2010 and 2009. This error resulted in an understatement of the assumed conversion of preferred stock for purposes of calculating the average diluted shares outstanding resulting in an overstatement of diluted earnings per share of an amount less than one penny for both years ended December 31, 2010 and 2009. However, the overstatement for the year ended December 31, 2010 caused the calculation of diluted earnings per share to be rounded up to $0.92 per share. Subsequent to the correction, diluted earnings per share for the year ended December 31, 2010 no longer rounds up to $0.92 per share.