Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER COMMON SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings (loss) per share calculation relate to our outstanding stock options and restricted stock awards.

We determine the dilutive effect of our outstanding stock options using the “treasury stock” method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average fair market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average fair market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.

The components of basic and diluted earnings (loss) per share were as follows for the three-month periods ended June 30, 2011 and 2010:

	Three Months Ended June 30,
(In Thousands Except Per Share Data)	2011						2010
	Basic			Diluted			Basic		Diluted
Net income (loss)	$	(17,914	)	$	(17,914	)	$	13,931	$	13,931
Weighted-average common shares outstanding	26,102			26,102			26,356		26,356
Add dilutive effect of restricted stock awards	—			—			—		19
Add dilutive effect of stock options	—			—			—		25
Weighted-average common shares for EPS calculation	26,102			26,102			26,356		26,400
Earnings (loss) per common share	$	(0.69	)	$	(0.69	)	$	0.53	$	0.53
Awards excluded from diluted EPS calculation(1)	—			1,206			—		814

(1) Outstanding awards were excluded from the diluted earnings (loss) per share calculation because the effect of including them would have been anti-dilutive.

The components of basic and diluted earnings (loss) per share were as follows for the six-month periods ended June 30, 2011 and 2010:

	Six Months Ended June 30,
(In Thousands Except Per Share Data)	2011						2010
	Basic			Diluted			Basic		Diluted
Net income (loss)	$	(12,104	)	$	(12,104	)	$	33,044	$	33,044
Weighted-average common shares outstanding	26,148			26,148			26,396		26,396
Add dilutive effect of restricted stock awards	—			—			—		19
Add dilutive effect of stock options	—			—			—		—
Weighted-average common shares for EPS calculation	26,148			26,148			26,396		26,415
Earnings (loss) per common share	$	(0.46	)	$	(0.46	)	$	1.25	$	1.25
Awards excluded from diluted EPS calculation(1)	—			1,206			—		814

(1) Outstanding awards were excluded from the diluted earnings (loss) per share calculation because the effect of including them would have been anti-dilutive.