Earnings Per Share

6 Months Ended

Jun. 30, 2013

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)	2013		2012		2013		2012
Net income (loss)	$	31,100	$	5,508	$	33,477	$	(5,634	)
Weighted average common shares outstanding (used to calculate basic EPS)	46,481		45,945		46,426		45,892
Dilutive effect of stock options and other stock awards	835		279		769		—
Weighted average common shares outstanding (used to calculate diluted EPS)	47,316		46,224		47,195		45,892
Earnings (loss) per common share – basic	$	0.67	$	0.12	$	0.72	$	(0.12	)
Earnings (loss) per common share – diluted	$	0.66	$	0.12	$	0.71	$	(0.12	)

If the company had generated net income for the six months ended June 30, 2012, 0.5 million shares would have been added to basic weighted average common shares outstanding 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 weighted average common shares outstanding used to calculate diluted EPS in periods when these items, on an individual basis, have an anti-dilutive effect on diluted EPS. For the quarters and six months ended June 30, 2013 and 2012, 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. In addition, certain stock options and other stock awards totaling 1.7 million and 2.6 million for the quarters ended June 30, 2013 and 2012, respectively, and 1.8 million and 2.0 million for the six months ended June 30, 2013 and 2012, respectively, were outstanding but not included in the computation of diluted EPS because they were anti-dilutive.