Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v2.4.0.6
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
EARNINGS/(LOSS) PER SHARE
NOTE 7 — EARNINGS/(LOSS) PER SHARE
Basic and diluted earnings/(loss) per common share were calculated as follows (in thousands, except per share amounts):
 
 
 
Years Ended December 31,
 
 
2012
 
2011
 
2010
Basic weighted average number of shares outstanding
 
34,057

 
32,382

 
32,060

Effect of dilutive securities:
 
 
 
 
 
 
Convertible debt (1)
 
612

 
N/A

 
N/A

Stock options and unvested restricted stock (2)
 
503

 
—

 
262

Diluted average shares outstanding
 
35,172

 
32,382

 
32,322

Net income/(loss) as reported
 
$
105,163

 
$
(21,106
)
 
$
7,150

Interest attributable to Convertible Senior Notes, net of income taxes
 
418

 
—

 
—

Net income/(loss) for earnings/(loss) per share
 
$
105,581

 
$
(21,106
)
 
$
7,150

Basic earnings/(loss) per share
 
$
3.09

 
$
(0.65
)
 
$
0.22

Diluted earnings/(loss) per share (1) (2)
 
$
3.00

 
$
(0.65
)
 
$
0.22

Antidilutive stock options not included in the calculation of diluted earnings per share
 
256

 
1,731

 
699

 
(1)
During 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 260-10, Earnings Per Share, ("ASC 260-10") we calculate the dilutive effect of convertible securities using the "if-converted" method.
(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.