Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

10. NET INCOME (LOSS) PER SHARE

The calculations of net income (loss) per share were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
	(In thousands except per share data)
	(unaudited)
Basic:
Net income (loss)	$	121,815	$	2,723		$	112,805	$	(19,128	)
Average common shares outstanding		20,741		20,529			20,709		20,461
Net income (loss) per share	$	5.87	$	0.13		$	5.45	$	(0.93	)
Diluted:
Net income (loss)	$	121,815	$	2,723		$	112,805	$	(19,128	)
Interest on convertible senior debentures		1,384		—			2,962	$	—
Impact of partner company dilutive securities		—		(189	)		—		(108	)
Net income (loss) for dilutive share computation	$	123,199	$	2,534		$	115,767	$	(19,236	)
Number of shares used in basic per share computation		20,741		20,529			20,709		20,461
Convertible senior debentures		2,855		—			3,166		—
Unvested restricted stock and DSUs		69		104			78		—
Employee stock options		709		784			707		—
Average common shares outstanding		24,374		21,417			24,660		20,461
Net income (loss) per share	$	5.05	$	0.12		$	4.69	$	(0.94	)

Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).

If a consolidated or equity method partner company has dilutive stock options, unvested restricted stock, DSUs, warrants or other securities outstanding, diluted net income (loss) per share is computed by first deducting from net income (loss), the income attributable to the potential exercise of the dilutive securities of the company. This impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share.

The following potential shares of common stock and their effects on income were excluded from the diluted net income (loss) per share calculation for the three months ended June 30, 2011 and 2010 because their effect would be anti-dilutive:

• At June 30, 2010 options to purchase 0.6 million shares of common stock at prices ranging from $10.10 to $21.36, were excluded from the calculations.

• At June 30, 2011 and 2010, unvested restricted stock units, performance stock units and DSUs convertible into 0.2 million and 0.1 million shares of stock, respectively, were excluded from the calculations.

• At June 30, 2010, 0.7 million shares related to the Company’s 2024 Debentures (see Note 7), representing the effect of assumed conversion of the 2024 Debentures, were excluded from the calculations.

• At June 30, 2010, 2.8 million shares related to the Company’s 2014 Debentures (see Note 7) representing the effect of assumed conversion of the 2014 Debentures, were excluded from the calculations.

The following potential shares of common stock and their effects on income were excluded from the diluted net income (loss) per share calculation for the six months ended June 30, 2011 and 2010 because their effect would be anti-dilutive:

• At June 30, 2010 options to purchase 3.2 million shares of common stock at prices ranging from $10.10 to $21.36 per share, were excluded from the calculations.

• At June 30, 2011 and 2010, unvested restricted stock units, performance stock units and DSUs convertible into 0.2 million shares of stock, were excluded from the calculations.

• At June 30, 2010, 0.7 million shares related to the Company’s 2024 Debentures (see Note 7), representing the effect of assumed conversion of the 2024 Debentures, were excluded from the calculations.

• At June 30, 2010, 2.8 million shares related to the Company’s 2014 Debentures (see Note 7), representing the effect of assumed conversion of the 2014 Debentures, were excluded from the calculations.