Note 15 - Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

15. EARNINGS PER SHARE

The Company's earnings per share (EPS) includes basic net income per share, computed by dividing net income (as presented on the consolidated statement of operations), by the weighted-average number of shares of common stock outstanding for the period, along with diluted net income per share, computed by dividing net income by the weighted-average number of shares of common stock adjusted for the dilutive effect of common stock equivalents outstanding during the period.  A reconciliation of basic and diluted net income per share of common stock for the three month periods ended March 31, 2013 and 2012 was as follows:

	Three Months Ended March 31,
(in $000’s except per share amounts)	2013		2012
Numerator:
Net income	$	105,442	$	12,365
Denominator:
Weighted average common shares outstanding		66,487,470		65,122,240
Effect of dilutive stock options and restricted stock awards		1,690,885		2,785,023
Diluted weighted average common shares outstanding		68,178,355		67,907,263
Basic net income per share	$	1.59	$	0.19
Diluted net income per share	$	1.55	$	0.18

For the three month periods ended March 31, 2013 and 2012, the Company excluded 1,276,394 and 698,955, respectively, of shares issuable upon the exercise of stock options and unvested restricted stock awards from the computation of diluted net income per common share as the effect of these options and unvested restricted stock awards would have been anti-dilutive.  Quarterly computations of net income per share amounts are made independently for each quarterly reporting period, and the sum of the per share amounts for the quarterly reporting periods may not equal the per share amounts for the year-to-date reporting period.