Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 1 – Earnings Per Share

Basic and diluted earnings (loss) per common share ("EPS") are calculated as follows:

	Quarter ended March 31,
(In thousands, except per share amounts)	2012			2011
Net income (loss)	$	(11,142	)	$	24,202
Weighted average common shares outstanding (used to calculate basic EPS)	45,840			45,329
Dilutive effect of warrants, stock options and other stock awards	—			886
Weighted average common shares outstanding (used to calculate diluted EPS)	45,840			46,215
Earnings (loss) per common share – basic	$	(0.24	)	$	0.53
Earnings (loss) per common share – diluted	$	(0.24	)	$	0.52

If the company had generated net income for the first quarter of 2012, an additional 0.7 million shares would have been used to calculate diluted EPS. The assumed conversions to common stock of stock options, other stock awards and 4.25% Convertible Senior Notes due 2016 ("Convertible Notes") are excluded from the diluted EPS computations for periods in which these items, on an individual basis, have an anti-dilutive effect on diluted EPS. For the quarters ended March 31, 2012 and 2011, assumed conversion of the Convertible Notes would have been anti-dilutive because the average trading price of the common shares was below the conversion price of $22.45 per share. Additionally, shares were excluded from the diluted EPS calculation related to restricted stock, stock options and long term incentive plans because they were anti-dilutive. These excluded shares were 1.5 million and 0.8 million for the quarters ended March 31, 2012 and 2011, respectively.