Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share

Earnings Per Share

NOTE 23- Earnings Per Share

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010 (in thousands, except per share data):

	Three Months EndedSeptember 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income/(loss)	$	22,304	$	(84,336)	$	57,118	$	(39,487)
Shares for basic and diluted calculations:
Average shares used in basic computation		52,367		51,201		52,610		47,865
Dilutive effect of stock options and units (1)		10,785		10,633		10,564		7,728
Average shares used in diluted computation	$	63,152	$	61,834	$	63,174	$	55,593
Net income per share:
Basic	$	0.43	$	(1.65)	$	1.09	$	(0.82)
Diluted (1)	$	0.35	$	(1.65)	$	0.90	$	(0.82)

 ⁽¹⁾      Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units.

        In accordance with Topic 260, "Earnings Per Share," earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding in periods a loss is incurred.

For the three and nine months ended September 30, 2011 and 2010, the anti-dilutive effect from restricted stock units was immaterial.