Stockholders' Equity

3 Months Ended

Mar. 31, 2012

Stockholders' Equity

Stockholders' Equity

8. Stockholders' Equity

• Earnings Per Share

        Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options and contingently issuable restricted stock.

        The effect of 0.1 million and 0.4 million of common stock equivalents have been excluded from the calculation of diluted EPS for the three months ended March 31, 2012 and March 31, 2011, respectively, due to our net loss position in these periods. Assuming dilution, there were approximately 0.7 million and 0.2 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three months ended March 31, 2012 and March 31, 2011, respectively.

        The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

	Three Months Ended March 31,
	2012		2011
Common shares outstanding, end of period(a)		36,965		37,543
Effect of using weighted average common shares outstanding		91		(6	)
Shares used in computing earnings per share—basic		37,056		37,537
Effect of shares issuable under stock option plans based on the treasury stock method		—		—
Effect of contingently issuable restricted stock		—		—
Shares used in computing earnings per share—diluted		37,056		37,537

(a)

Excludes 0.4 million and 0.5 million shares of unvested contingently issuable restricted stock outstanding as of March 31, 2012 and 2011, respectively.

• Share Repurchase Program

        On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. As of March 31, 2012, the Board has approved extensions of the program to acquire up to 6.6 million shares.

        The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. We did not repurchase any shares during the three months ended March 31, 2012. Since the inception of the program in 2007 and as of March 31, 2012, we have repurchased a cumulative total of 5.6 million shares at an average price of $10.97 per share.