Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

4. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.

	Three months ended March 31,
	2012		2011
Net income / (loss)	$	62,496	$	1,121
Weighted average shares of common stock outstanding (used to calculate basic EPS)		72,885		71,208
Net effect of dilutive employee stock options based on the treasury stock method		63		93
Weighted average shares of common stock outstanding (used to calculate diluted EPS)		72,948		71,301
Net income / (loss) per common share - basic	$	0.86	$	0.02
Net income / (loss) per common share - diluted	$	0.86	$	0.02

Employee stock options granted have been included in the above calculations of diluted earnings per share where the exercise price is less than the average market price of the common stock during the three months ended March 31, 2012 and 2011. In addition there is no adjustment to fully diluted shares related to the Convertible Senior Notes as the average market price was below the conversion price for the periods.