Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

2. EARNINGS PER SHARE

Basic earnings per share ("EPS") is calculated using the average number of shares of common stock outstanding during each period. Diluted EPS assumes the exercise of all stock options having exercise prices less than the average market price of the common stock using the treasury stock method.

Diluted shares consist of the following:

 

     Three months ended,  
     March 31, 2012      March 31, 2011  

Basic weighted average common stock issued and outstanding

      57,195,037         56,970,688   

Dilutive options

      1,112,491         1,287,017   
  

 

 

     

 

 

  

Total dilutive shares

      58,307,528         58,257,705   

Options to purchase 1,023,900 and 1,320,940 shares were excluded in the quarters ended March 31, 2012 and 2011, respectively, because they would be anti-dilutive.