Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

10. EARNINGS PER SHARE

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Basic (loss) earnings per share:
Net (loss) income	$	(1,862)	$	96,351	$	157,130	$	314,507
Weighted average common shares outstanding		34,422,553		36,288,596		34,517,552		36,746,881
Basic (loss) earnings per share	$	(0.05)	$	2.66	$	4.55	$	8.56

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
Diluted (loss) earnings per share:
Net (loss) income		$	(1,862)	$	96,351	$	157,130	$	314,507
Weighted average common shares outstanding			34,422,553		36,288,596		34,517,552		36,746,881
Share equivalents:
Options			0		440,811		493,225		413,702
Restricted stock units and performance-based equity awards			0		460,315		304,529		234,976
Employee share purchase plan			0		0		1,289		0
Weighted average common shares and common share equivalents
	outstanding - diluted		34,422,553		37,189,722		35,316,595		37,395,559
Diluted (loss) earnings per share		$	(0.05)	$	2.59	$	4.45	$	8.41

For the three months ended June 30, 2013, there were no common share equivalents included in calculating diluted earnings per share as there was a net loss and any additional shares would be anti-dilutive. For the three months ended June 30, 2012, a weighted average of 337,153 employee stock options and restricted stock units (“RSUs”) were considered anti-dilutive and were therefore excluded from the calculation of the diluted earnings per share, respectively.

For the six months ended June 30, 2013 and 2012, a weighted average of 0 and 343,726 employee stock options and RSUs were considered anti-dilutive and were therefore excluded from the calculation of the diluted earnings per share, respectively.