Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

6. EARNINGS PER SHARE

Earnings per share are based on the weighted average number of shares of common stock and dilutive potential common share equivalents outstanding. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company and the tax-effected interest expense attributable to the Company’s 5.75% Convertible Notes due 2013 (“5.75% Notes) and 6.25% Convertible Notes due 2016 (“6.25% Notes”) (collectively, “convertible notes”). The Company includes dilutive stock options based on the “treasury stock method.” Due to the Company’s net loss for the three and nine months ended September 30, 2011, 1,761 potential common share equivalents, which consisted of options, restricted stock and SSARs granted to employees, and deferred shares granted to directors, were anti-dilutive and excluded from the calculation. In the three and nine months ended September 30, 2012, 311 options and SSARs were out-of-the-money and therefore excluded from the calculation. Additionally, shares related to the Company’s convertible notes, which were anti-dilutive for the nine month period ended September 30, 2012 and the three and nine month periods ended September 30, 2011, were excluded.

The calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2012 and 2011 are as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
Net income (loss) applicable to common shares	$	8,244	$	(816	)	$	8,586	$	(1,772	)
Tax-effected interest expense attributable to convertible notes		1,808		—			—		—
Net income (loss) assuming dilution	$	10,052	$	(816	)	$	8,586	$	(1,772	)
Weighted average common shares outstanding:
Basic shares		45,664		45,202			45,511		45,061
Effect of stock-based compensation		422		—			295		—
Effect of convertible notes		13,351		—			—		—
Diluted shares		59,437		45,202			45,806		45,061
Earnings (loss) per share:
Basic	$	0.18	$	(0.02	)	$	0.19	$	(0.04	)
Diluted	$	0.17	$	(0.02	)	$	0.19	$	(0.04	)