EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE

3. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is calculated using the Company’s weighted-average outstanding common shares. When the effects are dilutive, diluted earnings (loss) per share is calculated using the weighted-average outstanding common shares, participating securities and the dilutive effect of all other stock-based compensation awards as determined under the treasury stock method. Certain stock options and stock issuable under employee compensation plans were excluded from the computation of earnings (loss) per share due to their anti-dilutive effect.

A reconciliation of shares used in calculating basic and diluted earnings (loss) per share is as follows (shares in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Basic weighted-average shares outstanding		105,394		111,239		109,221		113,460
Effect of common stock equivalents—stock options and non-vested stock under employee compensation plans		573		973		1,026		1,162
Diluted weighted-average shares outstanding		105,967		112,212		110,247		114,622
Weighted-average anti-dilutive common stock equivalents		4,487		4,486		5,023		5,234

Share Repurchase Plan

On October 25, 2011, the Board of Directors of the Company authorized a share repurchase program of up to $250,000 which expired on April 25, 2013. During the life of this share repurchase program, the Company repurchased 13,986,349 shares at an average price of $7.67 per share.

On April 30, 2013, the Board of Directors of the Company authorized a share repurchase program of up to $200,000. Under the share repurchase program, shares of common stock will be purchased on the open market or through privately negotiated transactions from time-to-time through April 30, 2015. The timing and amount of purchases will be based on market conditions, corporate and legal requirements and other factors. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended, extended or discontinued at any time without prior notice. From the date of the inception of this repurchase program through September 30, 2013, the Company repurchased 12,376,240 shares for a total of $60,535, excluding commissions, at an average price of $4.89 per share.