The following table is a summary of the elements used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2012 and 2011:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in Thousands except per share)	2012		2011		2012		2011
Basic earnings per share:
Net income attributable to AmTrust Financial Services, Inc. shareholders	$	40,358	$	50,162	$	79,444	$	95,345
Less: Net income allocated to participating securities and redeemable non-controlling interest		182		39		197		64
Net income allocated to AmTrust Financial Services, Inc. common shareholders	$	40,176	$	50,123	$	79,247	$	95,281

Weighted average common shares outstanding – basic		60,649		59,880		60,345		59,766
Less: Weighted average participating shares outstanding		273		36		150		42
Weighted average common shares outstanding - basic		60,376		59,844		60,195		59,724
Net income per AmTrust Financial Services, Inc. common share - basic	$	0.67	$	0.84	$	1.32	$	1.60

Diluted earnings per share:
Net income attributable to AmTrust Financial Services, Inc. shareholders	$	40,358	$	50,162	$	79,444	$	95,345
Less: Net income allocated to participating securities and redeemable non-controlling interest		182		39		197		64
Net income allocated to AmTrust Financial Services, Inc. common shareholders	$	40,176	$	50,123	$	79,247	$	95,281

Weighted average common shares outstanding – basic		60,376		59,844		60,195		59,724
Plus: Dilutive effect of stock options, other		2,124		1,778		2,086		1,670
Weighted average common shares outstanding – dilutive		62,500		61,622		62,281		61,394
Net income per AmTrust Financial Services, Inc. common shares – diluted	$	0.64	$	0.81	$	1.27	$	1.55