Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share

Earnings Per Share

Note I - Earnings Per Share

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  Dilutive potential common shares include outstanding stock options and non-vested shares.

Reconciliations of basic and diluted earnings per share (EPS) are as follows:

	Three Months Ended June 30,
In thousands, except per share amounts	2013		2012
Net Income (Loss)
Income (loss) from continuing operations	$	8,309	$	(104,638	)
Loss from discontinued operations	0		(5,067		)
Net income (loss)	$	8,309	$	(109,705	)
Basic EPS
Weighted-average common shares outstanding used in earnings (loss) per share computations	62,446		63,007
Basic earnings (loss) per share
Continuing operations	$	0.13	$	(1.66	)
Discontinued operations	0.00		(0.08		)
Net income (loss)	$	0.13	$	(1.74	)
Diluted EPS
Shares used in diluted earnings (loss) per share computations	62,755		63,007
Diluted earnings (loss) per common share
Continuing operations	$	0.13	$	(1.66	)
Discontinued operations	0.00		(0.08		)
Net income (loss)	$	0.13	$	(1.74	)
Computation of Shares Used in Earnings Per Share Computations
Weighted-average common shares outstanding	62,446		63,007
Weighted-average common equivalent shares - dilutive effect of stock options and awards	309		0
Shares used in diluted earnings per share computations	62,755		63,007

4.4 million and 6.5 million anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended June 30, 2013 and 2012, respectively.  There were no anti-dilutive non-vested shares excluded from the calculation of shares used in the diluted EPS calculation for the three months ended June 30, 2013.  0.6 million anti-dilutive non-vested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the three months ended June 30, 2012.

There were no dilutive shares for the three months ended June 30, 2012 as the Company had a net loss for the period.

	Six Months Ended June 30,
In thousands, except per share amounts	2013		2012
Net Income (Loss)
Income (loss) from continuing operations	$	14,976	$	(97,203	)
Loss from discontinued operations	0		(5,709		)
Net income (loss)	$	14,976	$	(102,912	)
Basic EPS
Weighted-average common shares outstanding used in earnings (loss) per share computations	62,459		62,959
Basic earnings (loss) per share
Continuing operations	$	0.24	$	(1.54	)
Discontinued operations	0.00		(0.09		)
Net income (loss)	$	0.24	$	(1.63	)
Diluted EPS
Shares used in diluted earnings (loss) per share computations	62,712		62,959
Diluted earnings per common share
Continuing operations	$	0.24	$	(1.54	)
Discontinued operations	0.00		(0.09		)
Net income (loss)	$	0.24	$	(1.63	)

Computation of Shares Used in Earnings Per Share Computations
Weighted-average common shares outstanding	62,459	62,959
Weighted-average common equivalent shares - dilutive effect of stock options and awards	253	0
Shares used in diluted earnings per share computations	62,712	62,959

4.4 million and 6.5 million anti-dilutive market price options have been excluded from the calculation of shares used in the diluted EPS calculation for the six months ended June 30, 2013 and 2012, respectively. There were no anti-dilutive non-vested shares excluded from the calculation of shares used in the diluted EPS calculation for the six months ended June 30, 2013. 0.6 million anti-dilutive non-vested shares have been excluded from the calculation of shares used in the diluted EPS calculation for the six months ended June 30, 2012.

There were no dilutive shares for the six months ended June 30, 2012 as the Company had a net loss for the period.