Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(Unaudited)				(Unaudited)
Numerator (both basic and diluted):
Net income (loss)	$	14,737	$	16,550	$	34,368	$	(1,943	)
Denominator:
Denominator for basic earnings per share		41,153,722		40,356,049		40,958,196		40,135,143
Stock options		167,272		422,110		195,703		—
Unvested restricted stock		105,092		557,505		565,695		—
Denominator for diluted earnings per share		41,426,086		41,335,664		41,719,594		40,135,143
Basic earnings (loss) per common share:	$	0.36	$	0.41	$	0.84	$	(0.05	)
Diluted earnings (loss) per common share:	$	0.36	$	0.40	$	0.82	$	(0.05	)

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