Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings per Share

Basic net income per common share was computed by dividing net income by the weighted average number of shares of common stock outstanding during the year.  Diluted net income per common share was determined on a weighted average basis using common shares issued and outstanding adjusted for the effect of stock options and restricted stock considered common stock equivalents computed using the treasury stock method.

A reconciliation of the basic and diluted net income per share computation is as follows (in thousands, except per share amounts):

 
For the year ended December 31,
 
2011
 
2010
 
2009
 
 
 
 
 
Restated
(a) Net income
$
104,149

 
$
8,386

 
$
46,796

 
 
 
 
 
 
(b) Weighted average shares outstanding
37,908

 
28,817

 
22,072

Dilutive impact of stock options
18

 
108

 
—

Dilutive impact of restricted stock
656

 
551

 
128

(c) Weighted average shares outstanding
 

 
 

 
 

         for diluted net income per share
38,582

 
29,476

 
22,200

 
 
 
 
 
 
Basic net income per share (a/b)
$
2.75

 
$
0.29

 
$
2.12

Diluted net income per share (a/c)
$
2.70

 
$
0.28

 
$
2.11

 
 
 
 
 
 
The following were excluded from the diluted EPS calculation because their effect would be anti-dilutive:
Stock options
67

 
122

 
978

Restricted stock
816

 
5

 
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