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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
11. Earnings Per Share
 
Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated:
 
Year ended December 31,
  
2011
    
2010
    
2009
  
Numerator:
Net income
 $ 40,015 $ 28,255 $ 27,503
Denominator:
Weighted average number of common shares outstanding – Basic
 18,919,489 19,032,557 19,061,321
Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans
     232,909       266,636       259,735  
Weighted average number of common shares outstanding – Diluted
     19,152,398       19,299,193       19,321,056  
 
The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. The weighted average number of common shares outstanding decreased from the previous year in 2011 and 2010 as a result of the Company’s stock repurchase plans, which were authorized by the Board of Directors in 2008 and 2010. See Note 12 for further information.
 
The following average numbers of stock options are anti-dilutive and therefore are not included in the diluted earnings per share calculation:
 
Year ended December 31,
2011
2010
2009
 
Average number of stock options
-
-
456,250
 
There are no anti-dilutive stock options in 2011 and 2010 because the closing price of the Company’s stock on December 31, 2011 and 2010 exceeded the strike price of all outstanding options on that date.