Earnings per Share

9 Months Ended

Sep. 30, 2012

Earnings per Share

14. Earnings per Share

The following table illustrates the computation of basic and diluted earnings per common share:

	Three Months Ended
	September 30, 2012		September 30, 2011
Net income (loss)	$	48,412	$	(56,010	)
Weighted average common stock outstanding—
Basic		36,199,655		39,064,071
Diluted		37,324,787		39,064,071
Earnings (loss) per share—
Basic	$	1.34	$	(1.43	)
Diluted	$	1.30	$	(1.43	)

	Nine Months Ended
	September 30, 2012		September 30, 2011
Net income (loss)	$	68,015	$	(1,912	)
Weighted average common stock outstanding—
Basic		36,810,214		38,823,720
Diluted		37,692,608		38,823,720
Earnings (loss) per share—
Basic	$	1.85	$	(0.05	)
Diluted	$	1.80	$	(0.05	)

The following outstanding instruments were excluded from the computation of diluted earnings per share, as they have an anti-dilutive effect on the calculation:

	Nine Months Ended
	September 30, 2012		September 30, 2011
Options		273,125		213,250
Warrants		1,875,028		1,875,018