Note 2 - Earnings per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

Note 2 – Earnings per Share

The following table presents the reconciliation of the numerator and denominator for calculating earnings per share:

	Third Quarter				First Nine Months
(In thousands, except per share data)	2012		2011		2012		2011
Basic EPS:
Net income	$	18,742	$	22,997	$	48,839	$	58,131
Weighted average number of common shares outstanding		86,423		90,212		88,491		89,877
Basic income per common share	$	0.22	$	0.25	$	0.55	$	0.65
Diluted EPS:
Net income	$	18,742	$	22,997	$	48,839	$	58,131
Assumed conversions of Senior Notes		1,396		1,236		3,944		3,674
Adjusted net income	$	20,138	$	24,233	$	52,783	$	61,805
Weighted average number of common shares outstanding-basic		86,423		90,212		88,491		89,877
Add: Dilutive effect of stock options and restricted stock awards		695		1,025		756		883
Dilutive effect of Senior Notes		15,682		15,682		15,682		15,682
Diluted weighted average number of common shares outstanding		102,800		106,919		104,929		106,442
Diluted income per common share	$	0.20	$	0.23	$	0.50	$	0.58
Stock options and warrants excluded from calculation of diluted earnings per share because anti-dilutive for the period		3,377		2,862		2,503		3,913

Weighted average dilutive stock options and restricted stock outstanding totaled approximately 3.1 million and 4.5 million shares for the third quarter of 2012 and 2011, respectively, and 3.0 million and 3.1 million for the first nine months of 2012 and 2011, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period.