Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share:

The following table presents the computations for basic and diluted earnings per common share:

	Years Ended December 31,
	2012		2011		2010
	(in thousands, except shares and per share amounts)
Numerator:
Net income	$	385,721	$	39,133	$	(756,143	)
Denominator:
Weighted average shares outstanding - basic	62,122,862		61,955,659		14,253,869
Dilutive securities outstanding	649,217		275,549		0
Weighted average shares outstanding - diluted	62,772,079		62,231,208		14,253,869
Earnings per share - basic	$	6.21	$	0.63	$	(53.05	)
Earnings per share - diluted	$	6.14	$	0.63	$	(53.05	)
Antidilutive securities outstanding (weighted average):
Stock options	13,792		16,511		20,700
Warrants	0		0		954,754
Restricted shares	230		4,728		20,754
Total antidilutive securities outstanding	14,022		21,239		996,208

Sterling's dilutive securities outstanding include warrants held by certain investors. On September 19, 2012, Sterling repurchased a warrant for 97,541 shares held by the United States Department of the Treasury (“Treasury”). The warrant had been issued to Treasury on December 5, 2008, in connection with Sterling's participation in the Capital Purchase Program of the Troubled Asset Relief Program. Sterling repurchased the warrant for $825,000, which was cancelled upon repurchase. Treasury sold all of its Sterling common stock on August 14, 2012 in an underwritten public offering.