Earnings/Loss Per Share

9 Months Ended

Sep. 30, 2013

Earnings/Loss Per Share

Note 8 —Earnings/Loss Per Share

The following table is a reconciliation of the weighted average shares used in the computation of loss per share for the periods presented (in thousands, except per share data):

	Three Months Ended September 30,
	2012						2013
	Income		Weighted Average Shares		Per-Share		Income		Weighted Average Shares		Per- Share
Earnings per share – basic
Net income available to common stockholders	$	30,443		22,110	$	1.38	$	36,597		21,920	$	1.67
Effect of dilutive securities:
Convertible senior notes		1,289		6,707				1,354		12,294
Options and warrants		-		5				—		—
Unvested restricted stock grants		-		111				—		69
Earnings per share – diluted
Net income available to common stockholders plus assumed  exercises and conversion	$	31,732		28,933	$	1.10	$	37,951		34,283	$	1.11

	Nine Months Ended September 30,
	2012						2013
	Income		Weighted Average Shares		Per-Share		Loss			Weighted Average Shares		Per- Share
Earnings (loss) per share – basic
Net income (loss) available to common stockholders	$	14,657		24,656	$	0.59	$	(37,838	)		21,922	$	(1.73	)
Effect of dilutive securities:
Convertible senior notes		3,867		6,520				—			—
Options and warrants		-		6				—			—
Unvested restricted stock grants		-		92				—			—
Earnings (loss) per share – diluted
Net income (loss) available to common stockholders plus assumed exercises and conversion	$	18,524		31,274	$	0.59	$	(37,838	)		21,922	$	(1.73	)

Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during the period (which consist of warrants, options and convertible debt to the extent they are dilutive). Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted loss per share, totaled approximately 119,644 and 1,918,247 for the three months ended September 30, 2012 and 2013, respectively. Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted loss per share, totaled approximately 126,632 and 1,913,600 for the nine months ended September 30, 2012 and 2013, respectively.