Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

19. Earnings Per Share

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations shown in the consolidated statements of comprehensive income (dollars in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Basic earnings per share
Net income	$	143,232		$	428		$	170,981		$	5,563
Less: net income allocated to unvested participating securities		(2,351	)		(11	)		(2,831	)		(143	)
Net income available to common stockholders (numerator)		140,881			417			168,150			5,420
Weighted-average common shares outstanding (denominator)		36,925			28,916			36,902			28,857
Basic earnings per share	$	3.82		$	0.01		$	4.56		$	0.19
Diluted earnings per share
Net income	$	143,232		$	428		$	170,981		$	5,563
Less: net income allocated to unvested participating securities		(2,310	)		(11	)		(2,778	)		(142	)
Net income available to common stockholders (numerator)		140,922			417			168,203			5,421
Weighted-average common shares outstanding		36,925			28,916			36,902			28,857
Add: effect of dilutive stock options and convertible notes		660			169			711			158
Diluted weighted-average common shares outstanding (denominator)		37,585			29,085			37,613			29,015
Diluted earnings per share	$	3.75		$	0.01		$	4.47		$	0.19

The Company’s unvested restricted stock and restricted stock units, or RSUs, are considered participating securities. During periods of net income, the calculation of earnings per share for common stock is adjusted to exclude the income attributable to the unvested restricted stock and RSUs from the numerator and exclude the dilutive impact of those shares from the denominator. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.

The calculation of diluted earnings per share does not include 5.9 million shares and 1.6 million shares for the three months ended June 30 2013 and 2012, respectively, and 5.4 million shares and 1.6 million shares for the six months ended June 30, 2013 and 2012, respectively, because their effect would have been antidilutive. The convertible senior subordinated notes, or convertible notes, are antidilutive when calculating earnings per share when the Company’s average stock price is less than $58.80. Upon conversion of the convertible notes, the Company may pay or deliver, at its option, cash, shares of the Company’s common stock, or a combination of cash and shares of common stock. It is the Company’s intent to settle all conversions through combination settlement, which involves repayment of an amount of cash equal to the principal amount and any excess of conversion value over the principal amount in shares of common stock.