Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings (Loss) Per Share [Abstract]

Earnings Per Share

11. EARNINGS PER SHARE

The following table illustrates the basic and diluted earnings per share (“EPS”) computations for the three and six months ended June 30, 2013 and 2012.

	Three Months Ended June 30,				Six Months Ended June 30,
($ thousands, except share and per share data)	2013		2012		2013		2012
Numerator
Net income attributable to common stockholders	$	35,356	$	61,524	$	64,317	$	89,870
Less: income allocated to participating securities		(127)		(330)		(243)		(514)
Net income attributable to common stockholders - basic and diluted	$	35,229	$	61,194	$	64,074	$	89,356
Denominator
Weighted average common shares outstanding - basic		87,864,761		89,519,166		87,822,911		89,412,872
Plus: dilutive effect of stock options and unvested restricted stock units		972,367		1,094,430		945,162		1,137,091
Weighted average common shares outstanding - diluted		88,837,128		90,613,596		88,768,073		90,549,963
Net income attributable per common share:
Basic	$	0.40	$	0.68	$	0.73	$	1.00
Diluted	$	0.40	$	0.68	$	0.72	$	0.99

For the three and six months ended June 30, 2013, approximately 1.5 million and 1.7 million, respectively, options and RSUs in total were not included in the calculation of diluted EPS as their effect would have been anti-dilutive. For the three and six months ended June 30, 2012, approximately 1.5 million and 1.3 million, respectively, options and RSUs in total were not included in the calculation of diluted EPS as their effect would have been anti-dilutive.

We continue to evaluate options to maximize the returns on our cash and maintain an appropriate capital structure, including, among other alternatives, repurchases of our common stock. Subject to certain restrictions on repurchases under our revolving credit facility, we have authorization to repurchase up to 6.0 million shares of our common stock under previous board authorizations. For the three months ended June 30, 2013, we did not repurchase any shares associated with a publicly-announced repurchase plan. For the six months ended June 30, 2013, we repurchased approximately 0.8 million shares at an average price of $14.99 for an aggregate price of approximately $12.5 million excluding related commission charges, under a publicly-announced repurchase plan. As of June 30, 2013, we had approximately 2.8 million shares available for repurchase under our repurchase authorization. The number, price and timing of repurchases, if any, will be at our sole discretion and future repurchases will be evaluated depending on market conditions, liquidity needs and other factors.