Earnings Per Share

3 Months Ended

Mar. 31, 2012

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 March 31,
	2012		2011
	(Unaudited)
Numerator (both basic and diluted):
Net income (loss)	$	19,631	$	(18,493	)
Denominator:
Denominator for basic earnings per share		40,758,074		39,884,070
Stock options		233,344		—
Unvested restricted stock		637,482		—
Denominator for diluted earnings per share		41,628,900		39,884,070
Basic earnings per common share:	$	0.48	$	(0.46	)
Diluted earnings per common share:	$	0.47	$	(0.46	)

Stock options and unvested shares of restricted stock of approximately 69,000 were excluded in the computation of diluted earnings per share for the three months ended March 31, 2012 and 1,202,000 were excluded in the computation of diluted earnings per share for the three months ended March 31, 2011, as the effect would have been anti-dilutive due to the net loss in the period.