Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 9 — EARNINGS PER SHARE

Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. Unvested restricted stock is excluded from the calculation of weighted-average common shares for basic EPS. For diluted EPS, weighted-average common shares include the impact of restricted stock under the treasury method.

The following tables present a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:

 

                                                 
    2012     2011  
    (Numerator)     (Denominator)           (Numerator)     (Denominator)        
    Net Income     Weighted-
Average
Shares		     Per
Share
Amount		     Net Income     Weighted-
Average
Shares		     Per
Share
Amount		  
    (In Thousands, Except Per Share Data)  

Three Months Ended June 30:

                                                

Basic EPS

   $ 55,775       31,475,610     $ 1.77     $ 8,001       18,888,080     $ 0.42  

Effect of Dilutive Securities – Options, Warrants and Unvested Restricted Stock

     —         24,193       —         —         19,219       —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted EPS

   $ 55,775       31,499,803     $ 1.77     $ 8,001       18,907,299     $ 0.42  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Six Months Ended June 30:

                                                

Basic EPS

   $ 63,116       31,473,065     $ 2.01     $ 18,438       18,885,368     $ 0.98  

Effect of Dilutive Securities – Options, Warrants and Unvested Restricted Stock

     —         16,878       (0.01 )      —         21,801       —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted EPS

   $ 63,116       31,489,943     $ 2.00     $ 18,438       18,907,169     $ 0.98  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended June 30, 2012 and 2011, there were 123,650 and 399,112 options, warrants and unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because their effect would be anti-dilutive. For the six months ended June 30, 2012 and 2011, there were 373,650 and 149,112 options, warrants and unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because their effect would be anti-dilutive.