Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings 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 nine months ended September 30, 2013 and 2012:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ thousands, except share and per share data)	2013		2012		2013		2012
Numerator
Net income attributable to common stockholders	$	13,036	$	45,080	$	77,353	$	134,950
Less: income allocated to participating securities		(41)		(188)		(276)		(702)
Net income attributable to common stockholders - basic and diluted	$	12,995	$	44,892	$	77,077	$	134,248
Denominator
Weighted average common shares outstanding - basic		88,109,088		89,947,641		87,919,351		89,592,430
Plus: dilutive effect of stock options and unvested restricted stock units		798,725		902,313		970,970		1,079,586
Weighted average common shares outstanding - diluted		88,907,813		90,849,954		88,890,321		90,672,016
Net income attributable per common share:
Basic	$	0.15	$	0.50	$	0.88	$	1.50
Diluted	$	0.15	$	0.49	$	0.87	$	1.48

For the three and nine months ended September 30, 2013, approximately 1.4 million 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 nine months ended September 30, 2012, approximately 1.7 million and 1.5 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. As of September 30, 2013, we had approximately 2.8 million shares available for repurchase under previously announced repurchase authorizations.

On October 29, 2013, our Board of Directors authorized the repurchase of up to an additional 15.0 million shares of Company common stock under the Company’s previously announced stock repurchase authorization. This brings the total shares available for repurchase by the Company under the existing board authorization to approximately 17.8 million shares. The number, price and timing of the repurchases, if any, will be at the Company’s sole discretion and future repurchases will be evaluated depending on market conditions, liquidity needs and other factors. The Company’s Board of Directors may suspend, modify or terminate the program at any time without prior notice.

For the three months ended September 30, 2013, we did not repurchase any shares associated with a publicly-announced repurchase plan. For the nine months ended September 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.