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Earnings per Share | 12 Months Ended
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Dec. 31, 2011
Earnings per Share | ## 18. Earnings per Share Effective January 1, 2009, the Company adopted ASC subtopic 260-10, Determining Whether Instruments Granted in Share-Based Payments Transactions Are Participating Securities. ASC 260-10 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are to be included in the computation of earnings per share under the two-class method. The Company’s unvested restricted shares contain rights to receive nonforfeitable dividends and are participating securities, requiring the two-class method of computing earnings per share. There were no participating securities issued in 2009. The following, is a summary of the elements used in calculating basic and diluted earnings per share for the years ended December 31, 2011, 2010 and 2009:
(Amounts in Thousands, except for earnings per share) |  | 2011 |  | 2010 |  | 2009
Basics earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to AmTrust Financial Services, Inc. shareholders |  | $ | 170,434 |  |  | $ | 142,465 |  |  | $ | 103,223 |
Less: Net income allocated to participating securities and redeemable non-controlling interest |  |  | 111 |  |  |  | 81 |  |  |  | — |
Net income allocated to AmTrust Financial Services, Inc. common shareholders |  | $ | 170,323 |  |  | $ | 142,384 |  |  | $ | 103,223 |
Weighted average shares outstanding – basic |  |  | 59,875 |  |  |  | 59,491 |  |  |  | 59,433 |
Less: Weighted average participating shares outstanding |  |  | 39 |  |  |  | 38 |  |  |  | — |
Weighted average common shares outstanding – basic |  |  | 59,836 |  |  |  | 59,453 |  |  |  | 59,433 |
Net income per AmTrust Financial Services, Inc. common shares – basic |  | $ | 2.85 |  |  | $ | 2.39 |  |  | $ | 1.74 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to AmTrust Financial Services, Inc. shareholders |  | $ | 170,434 |  |  | $ | 142,465 |  |  | $ | 103,223 |
Less: Net income allocated to participating securities and redeemable non-controlling interest |  |  | 111 |  |  |  | 81 |  |  |  | — |
Net income allocated to AmTrust Financial Services, Inc. common shareholders |  | $ | 170,323 |  |  | $ | 142,384 |  |  | $ | 103,223 |
Weighted average common shares outstanding – basic |  |  | 59,836 |  |  |  | 59,453 |  |  |  | 59,433 |
Plus: Dilutive effect of stock options, other |  |  | 1,746 |  |  |  | 893 |  |  |  | 521 |
Weighted average common shares outstanding – dilutive |  |  | 61,582 |  |  |  | 60,346 |  |  |  | 59,954 |
Net income per AmTrust Financial Services, Inc. common shares – diluted |  | $ | 2.77 |  |  | $ | 2.36 |  |  | $ | 1.72 |
As of December 31, 2011, there were less than 100,000 anti-dilutive securities excluded from diluted earnings per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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