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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2012
Earnings Per Common Share  
Components of basic and diluted earnings per share

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Numerator:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

78,111

 

$

80,615

 

$

221,187

 

$

174,054

 

Income from discontinued operations

 

 

3,783

 

 

625

 

Net income

 

$

78,111

 

$

84,398

 

$

221,187

 

$

174,679

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average outstanding shares — basic

 

51,514

 

58,321

 

52,626

 

58,087

 

Effect of dilutive securities (1):

 

 

 

 

 

 

 

 

 

Convertible notes

 

662

 

1,489

 

136

 

2,444

 

Warrants

 

 

 

 

 

Stock options

 

1,414

 

1,400

 

1,087

 

1,531

 

Weighted average shares — diluted

 

53,590

 

61,210

 

53,849

 

62,062

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.52

 

$

1.38

 

$

4.20

 

$

3.00

 

Discontinued operations

 

0.00

 

0.07

 

0.00

 

0.01

 

Net income per basic common share

 

$

1.52

 

$

1.45

 

$

4.20

 

$

3.01

 

Diluted

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.46

 

$

1.32

 

$

4.11

 

$

2.80

 

Discontinued operations

 

0.00

 

0.06

 

0.00

 

0.01

 

Net income per diluted common share

 

$

1.46

 

$

1.38

 

$

4.11

 

$

2.81

 

 

 

 

 

 

 

 

 

 

 

Stock options and warrants excluded from calculation (2)

 

11,026

 

7,922

 

11,761

 

6,446

 

 

 

(1)         Calculated using the treasury stock method.

 

(2)         Certain stock options and warrants were excluded from the computation of diluted earnings per share because their impact would be anti-dilutive.

Stock Options
 
Stock Option Plan  
Schedule of stock option activity

 

 

 

 

Number of
Options

 

Weighted-
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at January 1, 2012

 

4,923,377

 

$

36.98

 

 

 

 

 

Granted

 

 

 

 

 

 

 

Exercised

 

(373,457

)

25.31

 

 

 

 

 

Forfeited

 

(3,858

)

6.95

 

 

 

 

 

Outstanding and exercisable at September 30, 2012

 

4,546,062

 

$

37.96

 

5.2

 

$

85,436

 

Share-based compensation expense (benefit) related to employee stock options

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Research and development

 

$

 

$

3

 

$

 

$

196

 

Selling, general and administrative

 

4,042

 

5

 

6,371

 

315

 

Share-based compensation expense before taxes

 

4,042

 

8

 

6,371

 

511

 

Related income tax benefit

 

(1,480

)

(3

)

(2,333

)

(189

)

Share-based compensation expense net of taxes

 

$

2,562

 

$

5

 

$

4,038

 

$

322

 

Share-based compensation capitalized as part of inventory

 

$

 

$

 

$

 

$

15

 

Summary of employee and non-employee stock option exercise data

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Number of options exercised

 

246,401

 

20,135

 

386,515

 

820,572

 

Cash received

 

$

6,575

 

$

224

 

$

9,689

 

$

23,948

 

Employee Stock Purchase Plan (ESPP)
 
Stock Option Plan  
Summary of assumptions to estimate the fair value of shares to be purchased

 

 

 

 

Initial Offering Period
beginning September
5, 2012

 

Expected volatility

 

29.0

%

Risk-free interest rate

 

0.1

%

Expected term (in years)

 

0.5

 

Expected dividend yield

 

0.0

%

Expected forfeiture rate

 

4.6

%