Net (Loss) Income per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Net (Loss) Income per Share

Net Income (Loss) per Share

The computation of the Company’s basic and diluted net income (loss) per share was as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
	(In thousands, except per share data)
Numerator for basic and dilutive income - per common share:
Net income	$	16,938		$	348		$	48,282		$	30,047
Less: Accretion of Series B Preferred Stock	(677		)	(639		)	(1,345		)	(1,268		)
Less: Net income allocated to unvested participating restricted stock	(388		)	7			(1,169		)	(846		)
Net income (loss) available to common stockholders - basic	15,873			(284		)	45,768			27,933
Effect of unvested participating restricted stock in two-class calculation	5			—			58			17
Accretion of Series B Preferred Stock	—			—			1,345			—
Net income (loss) available to common stockholders - diluted	$	15,878		$	(284	)	$	47,171		$	27,950
Denominator:
Weighted average outstanding shares of common stock - basic	17,890			18,072			17,786			17,884
Dilutive effect of:
Stock options	248			—			282			396
Series B Preferred Stock	—			—			663			—
Weighted average outstanding shares of common stock - diluted	18,138			18,072			18,731			18,280
Net income (loss) per common share:
Basic	$	0.89		$	(0.02	)	$	2.57		$	1.56
Diluted	$	0.88		$	(0.02	)	$	2.52		$	1.53

For the three months ended June 30, 2012 and the six months ended June 30, 2011, the diluted income per common share was computed excluding 662,500 and 624,000 shares, respectively, of common stock equivalents from the conversion of Series B Preferred Stock that were antidilutive. For the three months ended June 30, 2011, the diluted loss per common share was computed excluding965,000 shares of common stock equivalents that were antidilutive.