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INCOME PER COMMON SHARE
 12 Months Ended
Dec. 31, 2011
INCOME PER COMMON SHARE

NOTE H — INCOME PER COMMON SHARE

Basic income per common share has been computed by dividing net income by the weighted-average number of shares of the Company’s common stock outstanding. Diluted income per common share adjusts net income and basic income per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted income per common share for the years ended December 31, 2011, 2010 and 2009 are as follows:

 

     2011      2010      2009  
     (in thousands - except per share amounts)  

Income before extraordinary item

    $ 14,066       $ 17,784       $ 2,715   

Extraordinary item, net of taxes

      —           2,477         —     
  

 

 

     

 

 

     

 

 

  

Net income – Basic

      14,066       $ 20,261       $ 2,715   

Net Interest expense, 4.75% Convertible Senior Notes

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Net income – Diluted

    $ 14,066       $ 20,261       $ 2,715   
  

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – Basic

      12,128         12,036         12,009   

Effect of dilutive securities:

         

Stock options

      401         340         66   

4.75% Convertible Senior Notes

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – Diluted

      12,529         12,376         12,075   
  

 

 

     

 

 

     

 

 

  

Basic income per common share before extraordinary item

    $ 1.16       $ 1.48       $ 0.23   

Basic income per common share of extraordinary item

      —           0.20         —     
  

 

 

     

 

 

     

 

 

  

Basic income per common share

    $ 1.16       $ 1.68       $ 0.23   
  

 

 

     

 

 

     

 

 

  

Diluted income per common share before extraordinary item

    $ 1.12       $ 1.44       $ 0.22   

Diluted income per common share of extraordinary item

      —           0.20         —     
  

 

 

     

 

 

     

 

 

  

Diluted income per common share

    $ 1.12       $ 1.64       $ 0.22   
  

 

 

     

 

 

     

 

 

  

The computations of diluted income per common share for the years ended December 31, 2011, 2010 and 2009 excludes options to purchase 1,600,413, 1,060,588, and 1,435,348 shares of the Company’s common stock, respectively. The computations of diluted income per common share for the years ended December 31, 2011, 2010 and 2009 also exclude options to purchase 462,192, 2,678,571, 2,678,571 shares, respectively, of the Company’s common stock that were issuable upon the conversion of the Company’s Notes and related interest expense, which were retired in July 2011. The above shares were excluded due to their antidilutive effect.