Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

The Class B Common stock was considered a participating stock security requiring use of the “two-class” method for the computation of basic net income (loss) per share in accordance with provision of ASC 260-10 Earnings per share. Losses were not allocated to the Class B Common stock in the computation of basic earnings per share as the Class B Common stock was not obligated to share in losses.

Basic earnings per share excludes the effect of common stock equivalents and is computed using the “two-class” computation method, which subtracts earnings attributable to the Class B preference from total earnings. In addition, earnings attributable to the Series A Preferred preference and the Class B and Series A Preferred beneficial conversion are subtracted from total earnings.  Any remaining loss is attributed to the Class A Common shares.

Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding. Except where the result would be anti-dilutive, diluted earnings per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options, as well as their related income tax benefits. The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

	Year ended December 31 ,
	2011		2010			2009
Net income	$	324,643	$	56,913		$	43,055
Less: accretion of Series A Preferred stock		-		(2,042	)		(14,151	)
Less: accretion of Class B Common stock		-		(12,133	)		(100,191	)
Less: beneficial conversion		-		(140,690	)		-
Net income (loss) attributable to Common stock (formerly Class A Common stock)		324,643		(97,952	)		(71,287	)
Income attributable to Class B Common stock		-		12,133			100,191
Net income (loss) per common share - basic:
Common stock (formerly Class A Common stock)	$	4.84	$	(1.65	)	$	(41,111	)
Class B Common stock		n/a	$	505		$	4,171
Net income (loss) per common share - diluted:
Common stock (formerly Class A Common stock)	$	4.79	$	(1.65	)	$	(41,111	)
Class B Common stock		n/a	$	505		$	4,171
Weighted average number of shares outstanding – Common Stock (formerly Class A Common stock):
Basic		67,130,356		59,364,958			1,734
Dilutive effect of equity awards		667,015		-			-
Diluted		67,797,371		59,364,958			1,734
Weighted average number of shares outstanding – Class B Common stock – basic and diluted:		n/a		24,018			24,018

For the year ended December 31, 2010, diluted earnings per share are identical to basic earnings per share because the impact of common stock equivalents on earnings per share is anti-dilutive. Had the impact not been anti-dilutive, the effect of stock compensation awards on weighted average diluted shares outstanding would have been 257,038.

The Series A Preferred and Class B Common stock were only convertible to Class A Common stock immediately prior to an initial public offering. The impact of the conversion of Series A Preferred and Class B Common stock are excluded from diluted earnings per share calculations for 2009 as this contingent event had not yet occurred by the end of 2009. The number of shares of Class A Common stock that were issued upon conversion of the Series A Preferred and Class B Common stock was dependent upon the initial public offering price of the Class A Common stock on the date of conversion of February 10, 2010 as well as the unpaid priority return. The conversion at the time of the IPO, as well as the reverse stock split, resulted in 19,511,018 and 26,859,906 shares of common stock issued for the Series A Preferred stock and Class B Common stock, respectively.