Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

(6) EARNINGS PER SHARE

The following table presents the computation of earnings per share for the three- and six-month periods ended June 30, 2012 and 2011:

	For the three months ended				For the six months ended
	June 30,				June 30,
	2012		2011		2012		2011
Net income (loss) (in thousands)	$	(488,100)	$	167,454	$	(380,396)	$	304,063
Number of common shares:
Weighted average outstanding		348,162,723		347,132,830		348,081,399		346,984,194
Issued upon assumed exercise of outstanding stock options		–		2,583,711		–		2,643,537
Effect of issuance of nonvested restricted common stock		–		254,278		–		212,313
Weighted average and potential dilutive outstanding(1)		348,162,723		349,970,819		348,081,399		349,840,044
Earnings (loss) per share:
Basic	$	(1.40)	$	0.48	$	(1.09)	$	0.88
Diluted	$	(1.40)	$	0.48	$	(1.09)	$	0.87

(1) Due to the net loss for the three months ended June 30, 2012, options for 1,723,316 shares and 156,047 shares of restricted stock were antidilutive and excluded from the calculation.Options for 749,910 shares and 3,421 shares of restricted stock were excluded from the calculation for the three months ended June 30, 2011 because they would have had an antidilutive effect. Due to the net loss for the six months ended June 30, 2012, options for 1,783,073 shares and 121,078 shares of restricted stock were antidilutive and excluded from the calculation.Options for 813,878 shares and 3,041 shares of restricted stock were excluded from the calculation for the six months ended June 30, 2011 because they would have had an antidilutive effect.