Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share:

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(in thousands, except shares and per share amounts)
Numerator:
Net income	$	27,761	$	320,886	$	50,439	$	334,177
Denominator:
Weighted average shares outstanding - basic	62,289,437		62,112,936		62,265,941		62,095,670
Dilutive securities outstanding	818,476		497,118		810,540		552,482
Weighted average shares outstanding - diluted	63,107,913		62,610,054		63,076,481		62,648,152
Earnings per share - basic	$	0.45	$	5.17	$	0.81	$	5.38
Earnings per share - diluted	$	0.44	$	5.13	$	0.80	$	5.33
Antidilutive securities outstanding (weighted average):
Stock options	26,496		9,875		22,844		12,533
Restricted shares	172		484		1,364		1,836
Total antidilutive securities outstanding	26,668		10,359		24,208		14,369

Sterling's dilutive securities outstanding include warrants held by certain investors. As of June 30, 2013, there were 2,847,154 warrants outstanding, with an exercise price of $13.39. As of December 31, 2012, there were 2,749,044 warrants outstanding, with an exercise price of $13.86. These warrants were issued as part of the 2010 recapitalization, and have an expiration date of August 26, 2017. Adjustments to the number and exercise price of these outstanding warrants occurred due to dividend distributions triggering an anti-dilutive provision.