Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 1 – Earnings Per Share

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

	Quarter Ended Sept. 30,						Nine Months Ended Sept. 30,
(In thousands, except per share amounts)	2011			2010			2011		2010
Income (loss) from continuing operations	$	(28,826	)	$	(8,448	)	$	73,151	$	80,275
Loss from discontinued operations		0			0			0		(3,268	)
Net income (loss)	$	(28,826	)	$	(8,448	)	$	73,151	$	77,007
Weighted average common shares outstanding (used to calculate basic EPS)		45,637			45,050			45,463		44,924
Dilutive effect of warrants, stock options and other stock awards		0			0			796		918
Shares used to calculate diluted EPS		45,637			45,050			46,259		45,842
Earnings (loss) per common share – basic:
Continuing operations	$	(0.63	)	$	(0.19	)	$	1.61	$	1.78
Discontinued operations		0.00			0.00			0.00		(0.07	)
	$	(0.63	)	$	(0.19	)	$	1.61	$	1.71
Earnings (loss) per common share – diluted:
Continuing operations	$	(0.63	)	$	(0.19	)	$	1.58	$	1.75
Discontinued operations		0.00			0.00			0.00		(0.07	)
	$	(0.63	)	$	(0.19	)	$	1.58	$	1.68

If the company had generated net income for the third quarters of 2011 or 2010, 46.3 million shares and 45.6 million shares would have been used to calculate diluted EPS in those quarters, respectively. 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 quarter and nine months ended September 30, 2011 and 2010, assumed conversion of the Convertible Notes would have been anti-dilutive because the average trading price of the common shares was below the initial 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 1.9 million for each of the quarters ended September 30, 2011 and 2010, and 1.2 million and 1.7 million for the nine months ended September 30, 2011 and 2010, respectively.