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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share

3. EARNINGS PER SHARE

Components of the computation of basic and diluted EPS were as follows (in thousands, except per share numbers):

 

     Years Ended December 31,  
     2011     2010     2009  

Net income

   $ 291,933      $ 22,390      $ 63,846   

Less dividends paid:

       

Common shares

      (184,383 )      (65,260 )      (25,511 ) 

Unvested shares

      (1,592 )      (1,492 )      (382 ) 
  

 

 

    

 

 

    

 

 

  

Undistributed (overdistributed) earnings

      105,958        (44,362 )      37,953   
  

 

 

    

 

 

    

 

 

  

Basic weighted average shares outstanding:

       

Common shares

      78,992        28,440        13,304   
  

 

 

    

 

 

    

 

 

  

Basic earnings per common share:

       

Distributed earnings

    $ 2.33      $ 2.29      $ 1.92   

Undistributed (overdistributed) earnings

      1.33        (1.56 )      2.84   
  

 

 

    

 

 

    

 

 

  

Basic earnings per common share

    $ 3.66      $ 0.73      $ 4.76   
  

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding:

       

Common shares

      78,992        28,440        13,304   

Net effect of dilutive warrants(1)

     1        10        16   
  

 

 

    

 

 

    

 

 

  
     78,993        28,450        13,320   
  

 

 

    

 

 

    

 

 

  

Diluted earnings per common share:

      

Distributed earnings

    $ 2.33      $ 2.29      $ 1.92   

Undistributed earnings

      1.33        (1.56 )      2.83   
  

 

 

    

 

 

    

 

 

  

Diluted earnings per common share

    $ 3.66      $ 0.73      $ 4.75   
  

 

 

    

 

 

    

 

 

  

(1) 

For the years ended December 31, 2011, 2010 and 2009, the Company had an aggregate of 131,000 stock options outstanding with a weighted average exercise price of $30.00 that were not included in the calculation of EPS as their inclusion would have been anti-dilutive. These equity instruments may have a dilutive impact on future EPS.