Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of shares issuable upon the assumed conversion of the Company’s Senior Convertible Notes (prior to the conversion of such notes) and incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows:

	Three Months Ended				Six Months Ended
	June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	29,471	$	6,164	$	32,160	$	1,580
Shares used in computation:
Weighted-average common shares outstanding	58,192		55,526		57,089		55,491
Basic earnings per share	$	0.51	$	0.11	$	0.56	$	0.03
Diluted earnings per share:
Net income	$	29,471	$	6,164	$	32,160	$	1,580
Senior Convertible Notes interest expense, net of tax	—		48		49		98
Numerator for diluted earnings per share	$	29,471	$	6,212	$	32,209	$	1,678
Shares used in computation:
Weighted-average common shares outstanding	58,192		55,526		57,089		55,491
Senior Convertible Notes shares	564		2,331		1,442		2,331
Employee stock options	1,834		952		1,838		1,056
Weighted-average number of shares	60,590		58,809		60,369		58,878
Diluted earnings per share	$	0.49	$	0.11	$	0.53	$	0.03

Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation:

	Three Months Ended		Six Months Ended
	June 30, 2013	June 30, 2012	June 30, 2013	June 30, 2012
	(in thousands)
Employee stock options	318	1,184	384	908