Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

10. Earnings Per Share

     Basic’s basic earnings per common share are determined by dividing net earnings applicable to common stock by the weighted average number of common shares actually outstanding during the period. Diluted earnings per common share is based on the increased number of shares that would be outstanding assuming conversion of dilutive outstanding securities using the “as if converted” method. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011			2010
	(Unaudited)					(Unaudited)
Numerator (both basic and diluted):
Net income (loss)	$	16,550	$	(10,672	)	$	(1,943	)	$	(32,263	)
Denominator:
Denominator for basic earnings (loss) per share		40,356,049		39,724,030			40,135,143			39,672,891
Stock options		422,110		—			—			—
Unvested restricted stock		557,505		—			—			—
Denominator for diluted earnings (loss) per share		41,335,664		39,724,030			40,135,143			39,672,891
Basic earnings (loss) per common share:	$	0.41	$	(0.27	)	$	(0.05	)	$	(0.81	)
Diluted earnings (loss) per common share:	$	0.40	$	(0.27	)	$	(0.05	)	$	(0.81	)

     Stock options and unvested shares of restricted stock of approximately 524,000 were excluded in the computation of diluted earnings per share for the three months ended June 30, 2010, as the effect would have been anti-dilutive due to the net loss in the period. Stock options and unvested shares of restricted stock of approximately 1,222,000 and 859,000, respectively, were excluded in the computation of diluted earnings per share for the six months ended June 30, 2011 and 2010, respectively, as the effect would have been anti-dilutive due to the net loss in each of these periods.