Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(in thousands, except shares and per share amounts)
Numerator:
Net income	$	21,048	$	30,598	$	71,487	$	364,775
Denominator:
Weighted average shares outstanding - basic	62,309,270		62,139,833		62,280,542		62,110,498
Dilutive securities outstanding	1,151,748		706,031		990,518		634,679
Weighted average shares outstanding - diluted	63,461,018		62,845,864		63,271,060		62,745,177
Earnings per share - basic	$	0.34	$	0.49	$	1.15	$	5.87
Earnings per share - diluted	$	0.33	$	0.49	$	1.13	$	5.81
Antidilutive securities outstanding (weighted average):
Stock options	359		13,054		6,445		14,174
Restricted shares	0		0		1,067		9,249
Total antidilutive securities outstanding	359		13,054		7,512		23,423

Sterling's dilutive securities outstanding include warrants held by certain investors. As of September 30, 2013, there were 2,874,594 warrants outstanding, with an exercise price of $13.26. 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.