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Earnings Per Share
 9 Months Ended
Sep. 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 nine-month periods ended September 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

September 30,

 

September 30,

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (in thousands)

$
(144,815)

 

$
175,173 

 

$
(525,211)

 

$
479,236 

 

 

 

 

 

 

 

 

 

 

 

 

Number of common shares:

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding

 
348,649,630 

 

 
347,239,793 

 

 
348,272,192 

 

 
347,070,330 

Issued upon assumed exercise of outstanding stock options

 

–  

 

 
2,490,783 

 

 

–  

 

 
2,591,687 

Effect of issuance of nonvested restricted common stock

 

–  

 

 
268,213 

 

 

–  

 

 
229,868 

Weighted average and potential dilutive outstanding(1)

 
348,649,630 

 

 
349,998,789 

 

 
348,272,192 

 

 
349,891,885 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$
(0.42)

 

$
0.50 

 

$
(1.51)

 

$
1.38 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

$
(0.42)

 

$
0.50 

 

$
(1.51)

 

$
1.37 

 

(1) As we recognized a net loss for the three- and nine-months ended September 30, 2012, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive. Options for 1,664,232 shares and 560,848 shares of restricted stock were excluded from the calculation for the three months ended September 30, 2012 because they would have had an antidilutive effect. Options for 783,823 shares and 5,645 shares of restricted stock were excluded from the calculation for the three months ended September 30, 2011 because they would have had an antidilutive effect. Options for 1,685,398 shares and 580,227 shares of restricted stock were excluded from the calculation for the nine months ended September 30, 2012 because they would have had an antidilutive effect. Options for 811,552 shares and 7,114 shares of restricted stock were excluded from the calculation for the nine months ended September 30, 2011 because they would have had an antidilutive effect.