Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

5. EARNINGS PER SHARE

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

	Three months ended September 30,					Nine months ended September 30,
	2012		2011			2012		2011
Net income / (loss)	$	35,769	$	(848,735	)	$	8,264	$	(854,102	)
Weighted average shares of common stock outstanding (used to calculate basic EPS)		78,582		72,490			75,902		72,063
Shares issuable according to Amended SPA (See Note 3)		3,000		0			3,000		0
Net effect of dilutive employee stock options based on the treasury stock method		209		104			202		115
Weighted average shares of common stock outstanding (used to calculate diluted EPS)		81,791		72,594			79,104		72,178
Net income / (loss) per common share - basic	$	0.46	$	(11.71	)	$	0.11	$	(11.85	)
Net income / (loss) per common share - diluted	$	0.44	$	(11.71	)	$	0.10	$	(11.85	)

Employee stock options granted have not 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 and nine months ended September 30, 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.