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



	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in Thousands except per share)	2012		2011		2012		2011
Basic earnings per share:
Net income attributable to AmTrust Financial Services, Inc. shareholders	$	43,230	$	37,166	$	122,674	$	132,511
Less: Net income allocated to participating securities and redeemable non-controlling interest	206		16		513		80
Net income allocated to AmTrust Financial Services, Inc. common shareholders	$	43,024	$	37,150	$	122,161	$	132,431

Weighted average common shares outstanding – basic	62,642		61,700		61,156		60,414
Less: Weighted average participating shares outstanding	297		32		255		40
Weighted average common shares outstanding - basic	62,345		61,668		60,901		60,374
Net income per AmTrust Financial Services, Inc. common share - basic	$	0.69	$	0.60	$	2.01	$	2.19

Net income attributable to AmTrust Financial Services, Inc. shareholders	$	43,230	$	37,166	$	122,674	$	132,511
Less: Net income allocated to participating securities and redeemable non-controlling interest	206		16		513		80
Net income allocated to AmTrust Financial Services, Inc. common shareholders	$	43,024	$	37,150	$	122,161	$	132,431

Weighted average common shares outstanding – basic	62,345		61,668		60,901		60,374
Plus: Dilutive effect of stock options, other	2,779		1,984		2,515		1,719
Weighted average common shares outstanding – dilutive	65,124		63,652		63,416		62,093
Net income per AmTrust Financial Services, Inc. common shares – diluted	$	0.66	$	0.58	$	1.93	$	2.13