The externally pressurized air journal bearings which have two circumferential grooves with inherently compensated restrictors are analyzed. Two circumferential grooves with restrictors are made on the bearing surface in order to increase the stiffness and damping coefficients. In this paper, the dynamic characteristics such as stiffness and damping coefficients of this type of bearings are calculated. As a result of theoretical analysis, it is verified that there exist the groove depth and the distance between two grooves which generate the maximum stiffness at the given bearing dimensions.