Earnings Per Share

9 Months Ended

Sep. 30, 2011

13. EARNINGS PER SHARE

The following table sets forth the comparison of basic and diluted earnings per share:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011			2010		2011		2010
Basic (loss) earnings per share:
Net (loss) income	$	(10,972	)	$	254,520	$	91,448	$	572,219
Weighted average common shares outstanding		38,110,368			45,544,060		38,078,116		48,580,541

Basic (loss) earnings per share	$	(0.29	)	$	5.59	$	2.40	$	11.78


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011			2010		2011		2010
Diluted (loss) earnings per share:
Net (loss) income	$	(10,972	)	$	254,520	$	91,448	$	572,219
Weighted average common shares outstanding		38,110,368			45,544,060		38,078,116		48,580,541
Share equivalents:
Warrants and options		—			1,689,743		413,228		1,627,137
Restricted stock units		—			631,841		443,443		659,402
LTIP awards		—			974,347		823,778		1,020,310
Employee stock purchase plan		—			—		1,215		—

Weighted average common shares and common share equivalents outstanding — diluted		38,110,368			48,839,991		39,759,780		51,887,390

Diluted (loss) earnings per share	$	(0.29	)	$	5.21	$	2.30	$	11.03

For the three months ended September 30, 2011 there were no common share equivalents included in calculating diluted earnings per share as there was a net loss and any additional shares would prove to be anti-dilutive. For the nine months ended September 30, 2011, a weighted average of 608,662 employee stock options and 134,615 RSUs were considered anti-dilutive and were therefore excluded from the calculation of the diluted earnings per share.

For the three months ended September 30, 2010, a weighted average of 482,979 employee stock options were considered anti-dilutive and were therefore excluded from the calculation of the diluted earnings per share. For the nine months ended September 30, 2010, a weighted average of 620,556 employee stock options were considered anti-dilutive and were therefore excluded from the calculation of the diluted earnings per share.