Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2012

Table Illustrating Computation of Basic and Diluted Earnings Per Common 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	)

Table Showing Outstanding Options and Warrants Excluded from Computation of Diluted Earning Per Share

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