EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE

NOTE 2 — EARNINGS PER SHARE:

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods.

	Year Ended December 31,
	2012			2011			2010
Income (numerator):
Basic:
Net income	$	149,426		$	194,332		$	96,429
Net income attributable to participating securities		(2,984	)		(3,670	)		(1,559	)
Net income attributable to common stock – basic	$	146,442		$	190,662		$	94,870
Diluted:
Net income	$	149,426		$	194,332		$	96,429
Net income attributable to participating securities		(2,982	)		(3,667	)		(1,558	)
Net income attributable to common stock – diluted	$	146,444		$	190,665		$	94,871
Weighted average shares (denominator):
Weighted average shares – basic		48,319			47,988			47,681
Diluted effect of stock options		42			42			25
Weighted average shares – diluted		48,361			48,030			47,706
Basic income per common share	$	3.03		$	3.97		$	1.99
Diluted income per common share	$	3.03		$	3.97		$	1.99

Stock options that were considered antidilutive because the exercise price of the options exceeded the average price of our common stock for the applicable period totaled approximately 347,000, 374,000 and 420,000 shares during the years ended December 31, 2012, 2011 and 2010, respectively.

During the years ended December 31, 2012, 2011 and 2010, approximately 316,000, 312,000 and 255,000 shares of common stock, respectively, were issued from authorized shares upon the vesting (lapse of forfeiture restrictions) of restricted stock by employees and nonemployee directors.

Because it is management’s stated intention to redeem the principal amount of our 2017 Convertible Notes (see Note 11 – Long-Term Debt) in cash, we have used the treasury method for determining potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during the reporting period, the 2017 Convertible Notes were not dilutive for such period. Additionally, since the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 11 – Long-Term Debt) for the reporting period, such warrants were also not dilutive for such period.