Reconciliation of Earnings Per Share (EPS)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share (EPS)

RECONCILIATION OF EARNINGS PER SHARE (EPS)

	Three months ended							Three months ended
(in thousands, except per share amounts)	September 30, 2013							September 30, 2012
	Net				Per Share			Net			Per Share
	Loss			Shares	Amount			Income		Shares	Amount
Basic EPS	$	(19,298	)	72,346	$	(0.27	)	$	2,046	72,130	$	0.03
Effect of dilutive securities
Stock options				—						183
Non-vested restricted stock				—						3
Diluted EPS	$	(19,298	)	72,346	$	(0.27	)	$	2,046	72,316	$	0.03

In periods of loss, shares that otherwise would have been included in diluted average common shares outstanding are excluded. The Company had 242,560 of excluded shares for the three months ended September 30, 2013.

	Nine months ended					Nine months ended
(in thousands, except per share amounts)	September 30, 2013					September 30, 2012
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
Basic EPS	$	120,461	72,220	$	1.67	$	190,739	72,121	$	2.64
Effect of dilutive securities
Stock options			41					177
Non-vested restricted stock			10					3
Performance share awards			1					—
Diluted EPS	$	120,461	72,272	$	1.67	$	190,739	72,301	$	2.64

The Company had the following shares that were excluded from the computation of diluted EPS, as their effect was non-dilutive:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2013	2012	2013	2012
Stock options	—	850	875	850
Performance share awards	—	—	79	—