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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share
NOTE 13

Earnings Per Share

Basic and diluted earnings per common share are computed by dividing net earnings by the weighted average number of common shares outstanding and by the weighted average number of dilutive potential common shares, in accordance with accounting guidance related to earnings per share. The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share:

 

        2011        2010        2009  

Basic average common shares outstanding

        22,913,881           22,947,400           22,720,614   

Incremental shares due to:

               

Restricted stock units

        220,457           356,048           601,432   

Performance shares

        817,946           366,504           218,080   

 

  

Diluted average common shares outstanding

        23,952,284           23,669,952           23,540,126   

 

  

Basic net earnings per common share

      $ 1.73         $ 3.22         $ 8.03   

Diluted net earnings per common share

        1.66           3.12           7.75   

 

  

Anti-dilutive shares excluded from calculation

        88,674           —           23,938   

 

  

All common share and per share amounts have been adjusted for the two-for-one stock split effected in the form of a stock dividend distributed on August 26, 2011.