Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2011

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

8. Net Income (Loss) Per Common Share

Net income (loss) per common share has been computed in the following table based upon weighted average common shares outstanding.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(in thousands, except per share data)
Net income (loss) (numerator)	$	80,882		$	110,510		$	(109,270	)	$	126,385
Weighted average common shares outstanding used in the computation of net income (loss) per common share:
Average shares issued	67,859			67,536			67,793			67,509
Less: Average shares in treasury	(5,363		)	(3,438		)	(5,363		)	(2,424		)
Average outstanding shares - basic (denominator)	62,496			64,098			62,430			65,085
Average potential shares from stock compensation(1)	844			727			—			700
Average outstanding shares - diluted (denominator)(2)	63,340			64,825			62,430			65,785
Net income (loss) per common share:
Basic	$	1.29		$	1.72		$	(1.75	)	$	1.94
Diluted	1.28			1.70			(1.75		)	1.92

(1)   The three months ended June 30, 2011 excludes the effect of 2.0 million anti-dilutive shares (from a total of 3.4 million potential shares). As the impact of potential shares for the six months ended June 30, 2011 is anti-dilutive (i.e., reduces the net loss per common share), the effect of 3.5 million potential shares is not included in the diluted net loss per common share calculation. The three months ended June 30, 2010 excludes the effect of 2.3 million anti-dilutive shares (from a total of 3.7 million potential shares). The six months ended June 30, 2010 excludes the effect of 2.0 million anti-dilutive shares (from a total of 3.7 million potential shares).

(2)   Had there been net income for the six months ended June 30, 2011, weighted average diluted common shares outstanding would have been 63,315.