Note 5. Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

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 285,546,859 shares were issued and outstanding at June 30, 2012.

The following table reconciles weighted average common shares used in the computations of basic and diluted earnings per share for the three- and six-month periods ended June 30, 2012 and 2011 (thousands, except per-share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Numerator
Net income	$	2,524		$	33,317		$	15,096		$	76,674
Preferred stock dividends		(138	)		(138	)		(276	)		(276	)
Net income applicable to common shares for basic and diluted earnings per share	$	2,386		$	33,179		$	14,820		$	76,398
Denominator
Basic weighted average common shares		285,312			279,347			285,303			278,901
Dilutive stock options and restricted stock		9,848			16,409			10,797			17,119
Diluted weighted average common shares		295,160			295,756			296,100			296,020
Basic earnings per common share
Net income applicable to common shares	$	0.01		$	0.12		$	0.05		$	0.27
Diluted earnings per common share
Net income applicable to common shares	$	0.01		$	0.11		$	0.05		$	0.26

Diluted income per share for the three- and six-month periods ended June 30, 2012 and 2011 excludes 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 605,005 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, 2012.  For the three-month and six-month periods ended June 30, 2011, options to purchase 552,388 and 333,388 shares of our common stock were excluded from the computation of diluted earnings per share.  In each case, 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.