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Earnings Per Share ("EPS")
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 25 –  Earnings Per Share (“EPS”)

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 years ended December 31, 2012, 2011 and 2010 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

Net income

$
138,573 

 

$
84,134 

 

$
1,907 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

Average shares used in basic computation

 
53,563 

 

 
52,418 

 

 
48,723 

Dilutive effect of stock options and units

 
9,374 

 

 
10,640 

 

 
8,949 

Average shares used in diluted computation:

 
62,937 

 

 
63,058 

 

 
57,672 

Net income per share:

 

 

 

 

 

 

 

 

Basic

$
2.59 

 

$
1.61 

 

$
0.04 

Diluted

$
2.20 

 

$
1.33 

 

$
0.03 

 

 

(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.

 

For the years ended December 31, 2012, 2011 and 2010, the anti-dilutive effect from restricted stock units was immaterial.