Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

Net Income (Loss) Per Share

The computation of the Company's basic and diluted net income (loss) per share is as follows:

	Year Ended December 31,
	2012			2011			2010
	(In thousands, except per share data)
Numerator for basic and diluted income (loss) per common share:
Net income (loss)	$	127,674		$	75,192		$	(2,788	)
Less: Series A preferred stock dividends	—			—			(25,927		)
Less: Accretion of Series B preferred stock	(2,498		)	(2,573		)	(2,432		)
Less: Net (income) loss allocated to unvested participating restricted stock	(2,718		)	(1,886		)	1,173
Net income (loss) available to common stockholders - basic	122,458			70,733			(29,974		)
Effect of unvested participating restricted stock	127			34			—
Effect of dilutive securities:
Convertible Series B preferred stock	2,498			—			—
Numerator - net income available to common shareholders - diluted	$	125,083		$	70,767		$	(29,974	)
Denominator:
Weighted average outstanding shares of common stock - basic	17,992			17,846			17,240
Effect of dilutive securities:
Stock options	264			339			—
Convertible Series B preferred stock	621			—			—
Weighted average outstanding shares of common stock - diluted	18,877			18,185			17,240
Net income (loss) per common share:
Basic	$	6.81		$	3.96		$	(1.74	)
Diluted	$	6.63		$	3.89		$	(1.74	)

For the years ended December 31, 2011 and 2010, diluted loss per common share is computed using the basic weighted average number of common shares outstanding during the period, as the 643,000 and 992,600 shares, respectively, from common stock equivalents would have been antidilutive.