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Net Income Per Share
9 Months Ended
Sep. 30, 2011
Net Income Per Share [Abstract] 
Net Income Per Share

2. Net Income Per Share

Basic net income per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income 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 incremental shares issuable upon the assumed exercise of stock options, and for 2010, shares that were purchasable pursuant to the Company's employee stock purchase plan ("ESPP") using the treasury stock method. The Company's ESPP was suspended in 2011 and there were no offerings in 2011. The computation of net income per share is as follows:

 

     Three months ended      Nine months ended  
     September 30,
2011		      September 30,
2010		      September 30,
2011		      September 30,
2010		  
     (in thousands, except per share data)  

Basic earnings per share:

            

Net income

    $ 62,460       $ 37,967       $ 190,907       $ 113,758   

Shares used in computation:

            

Weighted-average common shares outstanding

      52,569         52,142         52,599         52,510   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 1.19       $ 0.73       $ 3.63       $ 2.17   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share:

            

Net income

    $ 62,460       $ 37,967       $ 190,907       $ 113,758   

Shares used in computation:

            

Weighted-average common shares outstanding

      52,569         52,142         52,599         52,510   

Employee stock options and employee stock purchase plan shares

      1,301         1,789         1,409         1,831   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average number of shares

      53,870         53,931         54,008         54,341   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 1.16       $ 0.70       $ 3.53       $ 2.09   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Employee stock options with exercise prices greater than the average market price of the common stock during the period were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The number of options excluded for the three and nine months ended September 30, 2011 were 188,609 and 75,823, respectively. The number of options excluded for the three and nine months ended September 30, 2010 was immaterial.