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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2012
EARNINGS PER SHARE

3. EARNINGS PER SHARE

Diluted earnings per share is based on the weighted average outstanding common shares during each period, including common stock equivalents. Basic earnings per share is based on the weighted average outstanding common shares during the period.

Basic and diluted earnings per share, based on the weighted average outstanding shares, are summarized as follows:

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2012      2011      2012      2011  
     (in thousands, except per share amounts)  

Weighted average shares—Basic

     81,758         80,931         81,570         80,870   

Dilutive effect of stock awards

     536         194         589         251   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average shares—Diluted

     82,294         81,125         82,159         81,121   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income available to common stockholders

   $ 15,106       $ 3,592       $ 37,279       $ 9,968   

Earnings per share—Basic

     0.18         0.04         0.46         0.12   

Earnings per share—Diluted

     0.18         0.04         0.45         0.12   

The Company had 1,057,116 and 2,092,932 stock options outstanding as of September 30, 2012 and December 31, 2011, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive.