Note 5. Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

Note 5. Earnings Per Common Share

We are authorized to issue 500,000,000 shares of common stock, $0.25 par value per share, of which 279,512,363 shares were issued and outstanding at June 30, 2011.

The following table reconciles weighted average common shares used in the computations of basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2011 and 2010 (thousands, except per-share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Numerator
Net income	$	33,317		$	17,084		$	76,674		$	38,928
Preferred stock dividends		(138	)		(3,409	)		(276	)		(6,817	)
Net income applicable to common shares for basic and diluted earnings per share	$	33,179		$	13,675		$	76,398		$	32,111
Denominator
Basic weighted average common shares		279,347			248,549			278,901			245,371
Dilutive stock options and restricted stock		16,409			17,825			17,119			18,497
Diluted weighted average common shares		295,756			266,374			296,020			263,868
Basic earnings per common share
Net income applicable to common shares	$	0.12		$	0.06		$	0.27		$	0.13
Diluted earnings per common share
Net income applicable to common shares	$	0.11		$	0.05		$	0.26		$	0.12

Diluted income per share for the three and six months ended June 30, 2011 and 2010 exclude the potential effects of outstanding shares of our convertible preferred stock, as their conversion and exercise would have no effect on the calculation of dilutive shares.

Options to purchase 552,388 and 333,388 shares of our common stock were excluded from the computation of diluted earnings per share for the three-month and six-month periods ended June 30, 2011, respectively.  For the three-month and six-month periods ended June 30, 2010, options to purchase 876,240 shares of our common stock were excluded from the computation of diluted earnings per share.  The exercise price of the options not included in the computations of diluted earnings per share exceeded the average price of our stock during those periods and therefore would not affect the calculation of earnings per share.