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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.

Diluted earnings per share is calculated by dividing net income adjusted for interest expense on convertible debt by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, warrants, restricted shares and convertible debt, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.

 

The following table sets forth the computation of basic and diluted earnings per share:

 

     Three Months Ended      Six Months Ended  
     June 30,      June 30,  
     2012      2011      2012      2011  

Net income—basic earnings per share

    $ 29,130       $ 22,362       $ 50,712       $ 39,537   

Interest expense on convertible debt

      5         5         10         10   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income after assumed conversion – diluted earnings per share

    $ 29,135       $ 22,367       $ 50,722       $ 39,547   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic weighted average common shares outstanding

      139,093,641         123,254,895         138,996,110         121,732,522   

Net effect of dilutive stock options, warrants, restricted stock and convertible debt

      1,440,391         839,894         1,446,214         800,164   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average common shares outstanding

      140,534,032         124,094,789         140,442,324         122,532,686   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.21       $ 0.18       $ 0.36       $ 0.32   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 0.21       $ 0.18       $ 0.36       $ 0.32   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the three months ended June 30, 2012 and 2011, 212,737 and 336,573 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per share because the exercise price of the shares was greater than the average market price of the common shares and therefore, the effect would be antidilutive. For the six months ended June 30, 2012 and 2011, 150,972 and 356,393 shares of common stock, respectively, related to stock options and warrants were excluded from the computation of diluted earnings per share because the exercise price of the shares was greater than the average market price of the common shares and therefore, the effect would be antidilutive.