Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if the Company’s dilutive outstanding stock options or nonvested shares were exercised or vested and the Company’s convertible debt was converted. Reported net income was adjusted for the interest expense (including amortization expense of deferred debt fees) and the related income tax effect for the convertible debentures for the three- month period ended June 30, 2012 and for the three- and six-month periods ended June 30, 2011. The Company currently has only one class of equity shares outstanding.

A total of 48,919 and 78,418 stock option weighted shares of common stock were included in the computation of diluted earnings per share for the three- month periods ended June 30, 2012 and 2011, respectively. Outstanding options to purchase 63,643 and 96,671 of weighted shares of common stock were included in the computation of diluted earnings per share for the six- month periods ended June 30, 2012 and 2011, respectively. Outstanding options to purchase 123,559 and 54,302 of weighted shares of common stock were excluded from the computation of diluted earnings per share for the three- month periods ended June 30, 2012 and 2011, respectively, and outstanding options to purchase 125,980 and 70,745 of weighted shares of common stock were excluded from the computation of diluted earnings per share for the six- month periods ended June 30, 2012 and 2011, respectively, because the market price at the end of each period was lower than the exercise price, and therefore the effect would have been antidilutive.

The effect of including outstanding nonvested shares was to increase diluted weighted average shares outstanding by 905,205 and 925,254 shares for the three- month periods ended June 30, 2012 and 2011, respectively. A total of 922,280 and 1,057,452 outstanding nonvested shares were included in the computation of diluted earnings per share for the six- month periods ended June 30, 2012 and 2011, respectively.

All 7.1 million shares of common stock applicable to the outstanding convertible debentures were included in the computation of diluted weighted average shares in the three- month period ended June 30, 2012 and in the three- and six- month periods ended June 30, 2011. All 7.1 million shares of common stock applicable to the outstanding convertible debentures were excluded in the computation of diluted weighted average shares in the six- month period ended June 30, 2012, because the net effect of assuming all the debentures were converted would have been antidilutive.

Reconciliations showing the computation of basic and diluted shares and the related impact on income for the three- month period ended June 30, 2012 and the three- and six- month periods ended June 30, 2011 are shown in the following table:

	Three Months Ended
(in thousands, except per share amounts)	June 30, 2012
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount
Basic EPS
Net income attributable to common stockholders	18,200		115,819	$	0.16
Effect of Dilutive Securities
Stock options			49
Nonvested shares	—		905
1.875% Convertible debentures	994		7,082
Diluted EPS
Net income attributable to common stockholders + assumed conversions	$	19,194	123,855	$	0.15

	Three Months Ended					Six Months Ended
(in thousands, except per share amounts)	June 30, 2011					June 30, 2011
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount
Basic EPS
Net income attributable to common stockholders	42,698		103,037	$	0.41	78,890		102,688	$	0.77
Effect of Dilutive Securities
Stock options	—		79			—		97
Nonvested shares	—		925			—		1,057
1.875% Convertible debentures	994		7,082			1,987		7,082
Diluted EPS
Net income attributable to common stockholders + assumed conversions	$	43,692	111,123	$	0.39	$	80,877	110,924	$	0.73