Page # of X pagination

<div class="pagination">
	<?php previous_posts_link( '< Previous Page' ); ?>
	<span>Page <?php echo ( get_query_var('paged') ) ? get_query_var( 'paged' ) : 1; ?> of <?php echo ( $wp_query->max_num_pages ) ? $wp_query->max_num_pages : 1; ?></span>
	<?php next_posts_link( 'Next  Page >', '' ); ?>
</div>