Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings per share of common stock [Abstract]

3. Earnings Per Share

Basic earnings per share are computed using the weighted average number of common shares outstanding during each period presented. Diluted earnings per share are computed using the weighted average number of common shares outstanding plus the potential effects of the assumed exercise of stock options, and payment of estimated stock awards from other stock-based compensation plans that are outstanding, at the end of each period presented. Diluted earnings per share are calculated as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
Thousands, except per share amounts			2011		2010		2011		2010
Net income (loss)		$	(8,312)	$	(7,420)	$	34,654	$	43,076
Average common shares outstanding - basic			26,686		26,606		26,676		26,571
	Additional shares for stock-based compensation plans		-		-		54		70
Average common shares outstanding - diluted			26,686		26,606		26,730		26,641
Earnings (loss) per share of common stock - basic		$	(0.31)	$	(0.28)	$	1.30	$	1.62
Earnings (loss) per share of common stock - diluted		$	(0.31)	$	(0.28)	$	1.30	$	1.62

For the three months ended September 30, 2011 and 2010, 63,263 and 76,088 common share equivalents, respectively, were excluded from the calculation of diluted earnings per share because the effect of these additional shares on the net loss for both periods would have been anti-dilutive. For the nine months ended September 30, 2011 and 2010, 3,436 and 427 common share equivalents, respectively, were excluded from the calculation of diluted earnings per share because the effect of these shares would have been anti-dilutive.