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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Basic and diluted earnings (loss) per common share ("EPS") are calculated as follows:
  
Quarter ended June 30,
 
Six months ended June 30,
(In thousands, except per share amounts)
2012
 
2011
 
2012
 
2011
Net income (loss)
$
5,508

 
$
77,775

 
$
(5,634
)
 
$
101,977

 
 
 
 
 
 
 
 
Weighted average common shares outstanding (used to calculate basic EPS)
45,945

 
45,422

 
45,892

 
45,376

Dilutive effect of stock awards
279

 
858

 
—

 
872

Weighted average common shares outstanding (used to calculate diluted EPS)
46,224

 
46,280

 
45,892

 
46,248

 
 
 
 
 
 
 
 
Earnings (loss) per common share – basic
$
0.12

 
$
1.71

 
$
(0.12
)
 
$
2.25

Earnings (loss) per common share – diluted
$
0.12

 
$
1.68

 
$
(0.12
)
 
$
2.21


If the company had generated net income for the six months ended June 30, 2012, an additional 0.5 million shares would have been used to calculate diluted EPS. The assumed conversions to common stock of stock awards, options 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 quarter and six months ended June 30, 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 2.6 million and 0.8 million for the quarters ended June 30, 2012 and 2011, respectively, and 2.0 million and 0.8 million for the six months ended June 30, 2012 and 2011, respectively.