Earnings Per Share

6 Months Ended

Jun. 30, 2013

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,
	2013		2012		2013		2012
	(Unaudited)				(Unaudited)
Numerator (both basic and diluted):
Net income (loss)	$	(12,797)	$	14,737	$	(21,574)	$	34,368
Denominator:
Denominator for basic earnings per share		40,336,229		41,153,722		40,411,887		40,958,196
Stock options		—		167,272		—		195,703
Unvested restricted stock		—		105,092		—		565,695
Denominator for diluted earnings per share		40,336,229		41,426,086		40,411,887		41,719,594
Basic earnings per common share:	$	(0.32)	$	0.36	$	(0.53)	$	0.84
Diluted earnings per common share:	$	(0.32)	$	0.36	$	(0.53)	$	0.82

Stock options and unvested restricted stock shares of approximately 979,936 and  174,030 were excluded in the computation of diluted earnings per share for the three months ended June 30, 2013 and 2012, respectively, as the effect would have been anti-dilutive. Stock options and unvested restricted stock shares of approximately 911,162 and  92,092 were excluded in the computation of diluted earnings per share for the six months ended June 30, 2013 and 2012, respectively, as the effect would have been anti-dilutive.