XML 26 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Earnings per Share
 6 Months Ended
Jun. 30, 2011
Earnings per Share [Abstract]  
Earnings per Share
Note 2 — Earnings per Share
The following table presents the reconciliation of the numerator and denominator for calculating earnings per share:
                                 
    Second Quarter     First Half  
(In thousands, except per share data)   2011     2010     2011     2010  
Basic EPS:
                               
Net income
  $ 19,280     $ 10,840     $ 35,134     $ 18,622  
 
                       
 
                               
Weighted average number of common shares outstanding
    89,791       88,818       89,707       88,737  
 
                       
 
                               
Basic income per common share
  $ 0.21     $ 0.12     $ 0.39     $ 0.21  
 
                       
 
                               
Diluted EPS:
                               
Net income
  $ 19,280     $ 10,840     $ 35,134     $ 18,622  
Assumed conversion of Senior Notes
    1,241       —       2,438       —  
 
                       
Adjusted net income
  $ 20,521     $ 10,840     $ 37,572     $ 18,622  
 
                       
 
                               
Weighted average number of common shares outstanding-basic
    89,791       88,818       89,707       88,737  
Add: Dilutive effect of stock options and restricted stock awards
    1,061       574       739       342  
Dilutive effect of Senior Notes
    15,682       —       15,682       —  
 
                       
 
                               
Diluted weighted average number of common shares outstanding
    106,534       89,392       106,128       89,079  
 
                       
 
                               
Diluted income per common share
  $ 0.19     $ 0.12     $ 0.35     $ 0.21  
 
                       
 
                               
Stock options and warrants excluded from calculation of diluted earnings per share because anti-dilutive for the period
    2,536       3,952       3,731       4,641  
 
                       
Weighted average dilutive stock options and restricted stock outstanding totaled approximately 4.2 million and 3.2 million shares, for the second quarter of 2011 and 2010, respectively, and 3.2 million and 2.6 million shares for the first half of 2011 and 2010, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period.
In June 2000, we completed the sale of 120,000 shares of Series B Convertible Preferred Stock, $0.01 par value per share (the “Series B Preferred Stock”), and a warrant (the “Series B Warrant”) to purchase up to 1,900,000 shares of our common stock at an exercise price of $10.075 per share, subject to anti-dilution adjustments. As of June 30, 2011, the Series B Warrant, as adjusted for anti-dilution provisions, remains outstanding and provides for the right to purchase up to approximately 2.1 million shares of our common stock at an exercise price of $8.97, and expires in February 2012.