| Basic and diluted (loss)/earnings per common share |
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Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Basic weighted average number of shares outstanding |
35,216 |
|
|
32,417 |
|
|
33,541 |
|
|
32,358 |
|
Effect of dilutive securities: |
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|
|
|
|
|
|
Convertible debt (1) |
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock options and non-vested shares (2) |
545 |
|
|
— |
|
|
469 |
|
|
— |
|
Diluted weighted average shares outstanding |
35,761 |
|
|
32,417 |
|
|
34,010 |
|
|
32,358 |
|
Net income/(loss) |
$ |
6,784 |
|
|
$ |
(3,235 |
) |
|
$ |
10,035 |
|
|
$ |
(9,332 |
) |
Basic income/(loss) per share |
$ |
0.19 |
|
|
$ |
(0.10 |
) |
|
$ |
0.30 |
|
|
$ |
(0.29 |
) |
Diluted income/(loss) per share (1) (2) |
$ |
0.19 |
|
|
$ |
(0.10 |
) |
|
$ |
0.30 |
|
|
$ |
(0.29 |
) |
Antidilutive stock options not included in the calculation of diluted income per share |
530 |
|
|
1,665 |
|
|
348 |
|
|
1,769 |
|
|
|
(1) |
During the quarter ended September 30, 2012, we issued $126.5 million of 1.875% convertible senior notes convertible into shares of our common stock at a rate of 17.1985 shares per $1,000 principle amount. In accordance with ASC Subtopic 260-10, Earnings Per Share, ("ASC 260-10") we calculate the dilutive effect of convertible securities using the "if-converted" method. The effect of the convertible debt was not included in the diluted earnings per share calculations for the three and nine months ended September 30, 2012 as it would have been anti-dilutive.
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(2) |
For periods with a net loss, no options or non-vested shares are included in the dilution calculation as all options and non-vested shares outstanding are considered anti-dilutive. |
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