EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2011

EARNINGS PER COMMON SHARE [ABSTRACT]

EARNINGS PER COMMON SHARE

8.       EARNINGS PER COMMON SHARE

The following table sets forth the comparison of basic and diluted earnings (loss) per common share:
		Three months				Nine months
		ended September 30,				ended September 30,
			2011		2010		2011		2010
	Basic earnings (loss) per common share
	Net income (loss) available to common shareholders	$	212,058	$	238,842	$	(70,634)	$	555,505
	Weighted average common shares outstanding		125,971		120,091		121,197		123,320
	Basic earnings (loss) per common share	$	1.68	$	1.99	$	(0.58)	$	4.50
	Diluted earnings (loss) per common share
	Net income (loss) available to common shareholders	$	212,058	$	238,842	$	(70,634)	$	555,505
	Weighted average common shares outstanding - basic		125,971		120,091		121,197		123,320
	Share equivalents:
	Warrants		1,108		12,012		-		11,851
	Stock compensation plans		923		2,303		-		2,211
	Weighted average common shares outstanding - diluted		128,002		134,406		121,197		137,382
	Diluted earnings (loss) per common share	$	1.66	$	1.78	$	(0.58)	$	4.04

For the three months ended September 30, 2011, 1,959,750 (2010: none) share equivalents were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive. Due to the net loss incurred for the nine months ended September 30, 2011, all share equivalents were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive. For the same period in 2010, there were no anti-dilutive securities.