Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share

Earnings Per Share

Note L — Earnings Per Share

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  Dilutive potential common shares include outstanding stock options and non-vested shares.

Reconciliations of basic and diluted earnings per share (EPS) are as follows:

	Year Ended December 31,
In thousands, except per share amounts	2012			2011			2010
Net Income
Income (loss) from continuing operations	$	(73,104	)	$	45,877		$	55,194
Loss from discontinued operations	(10,249		)	(1,679		)	(1,590		)
Net income (loss)	(83,353		)	44,198			53,604
Basic EPS
Weighted-average common shares outstanding used in earnings per share computations	62,887			63,173			63,616
Basic earnings (loss) per share
Continuing operations	$	(1.16	)	$	0.73		$	0.87
Discontinued operations	(0.17		)	(0.03		)	(0.03		)
Net Income	$	(1.33	)	$	0.70		$	0.84
Diluted EPS
Shares used in diluted earnings per share computations	62,887			63,552			64,139
Diluted earnings (loss) per share
Continuing operations	$	(1.16	)	$	0.72		$	0.86
Discontinued operations	(0.17		)	(0.02		)	(0.02		)
Net Income	$	(1.33	)	$	0.70		$	0.84
Computation of Shares Used in Earnings Per Share Computations
Weighted-average common shares outstanding	62,887			63,173			63,616
Weighted-average common equivalent shares — dilutive effect of stock options and awards	0			379			523
Shares used in diluted earnings per share computations	62,887			63,552			64,139

There are no dilutive shares for the year ended December 31, 2012 as the Company has a net loss for the period.  All 6.1 million weighted-average outstanding market price options and 0.6 million weighted-average outstanding non-vested shares have been excluded from the calculation of shares used in the diluted EPS calculation as they are considered anti-dilutive.

5.4 million and 6.0 million weighted-average anti-dilutive options have been excluded from the EPS calculations for the years ended December 31, 2011 and 2010, respectively.  There were no anti-dilutive non-vested shares for the years ended December 31, 2011 and 2010, respectively.