Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity And Earnings Per Share

Stockholders' Equity And Earnings Per Share
12 Months Ended
Dec. 31, 2011
Stockholders' Equity And Earnings Per Share [Abstract]  
Stockholders' Equity And Earnings Per Share


The Company is authorized to issue up to 100 million shares of common stock. 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. For purposes of computing EPS in a loss period, potential common shares are excluded from the computation of weighted average common shares outstanding as their effect is antidilutive. For the year ended December 31, 2009, 369,954 potential common shares were excluded. A reconciliation of diluted shares consists of the following:

     Year Ended December 31,  


   2011      2010      2009  

Basic weighted average common stock issued and outstanding

     57,047,531         56,465,800         57,408,223   

Dilutive options

     925,050         572,253         —     










Total diluted shares

     57,972,581         57,038,053         57,408,223   










A total of 1,169,064, 1,420,940, and 1,435,572, shares under option were not included because they were anti-dilutive during the years ended December 31, 2011, 2010 and 2009, respectively.

In the year ended December 31, 2011 and 2010, the Company did not repurchase any shares of the Company's common stock. Under previous share buyback programs, the Company acquired 2,327,779 shares in 2009.


On September 14, 2007, the Board of Directors of the Company adopted a Rights Agreement dated as of September 14, 2007, between the Company and the Registrar and Transfer agent of the Company, as Rights Agent. Ratification of the rights plan required the affirmative vote of at least a majority vote of shares entitled to vote at the June 3, 2009 Annual Meeting. Stockholders did not approve the ratification. The Rights Agreement was redeemed at the rate of 1/10th of $0.01 per share and paid to stockholders at a cost to the Company of approximately $67,000 in 2009. In 2010, the Company received $5,000 for its share of the redemption held as treasury stock.