NET INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2011

NET INCOME PER COMMON SHARE

11.     NET INCOME PER COMMON SHARE

The following table presents a reconciliation of net income and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2011, 2010, and 2009.

	For the years ended (amounts in thousands)
	December 31, 2011		December 31, 2010		December 31, 2009
Net income	$	344,461	$	1,267,280	$	1,961,471
Less: Preferred stock dividends		16,854		18,033		18,501
Net income available to common shareholders, prior to   adjustment for Series B dividends, if necessary		327,607		1,249,247		1,942,970
Add: Preferred Series B dividends, if dilutive		-		3,440		3,908
Add:  Interest on Convertible Senior Note, if dilutive		-		21,333		-
Net income available to common shareholders, as adjusted	$	327,607	$	1,274,020	$	1,946,878
Weighted average shares of common stock   outstanding-basic		874,212		588,193		546,973
Add:  Effect of dilutive stock options, Series B Cumulative Convertible Preferred Stock and Convertible Senior Notes, if dilutive		307		37,114		6,158
Weighted average shares of common  stock outstanding-diluted		874,519		625,307		553,131

Options to purchase 572,000 shares of common stock were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2011. Options to purchase 565,000 shares of common stock, were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2010. Options to purchase 2.8 million shares of common stock, were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2009.