Net Income per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Net Income per Share

Net Income per Share

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
	(In thousands, except per share data)
Numerator for basic and dilutive income per common share:
Net income	$	60,573		$	16,525		$	108,855		$	46,572
Less: Accretion of Series B Convertible Preferred Stock	(688		)	(647		)	(2,033		)	(1,915		)
Less: Net income allocated to unvested participating restricted stock	(1,187		)	(359		)	(2,477		)	(1,212		)
Net income available to common stockholders - basic	58,698			15,519			104,345			43,445
Effect of unvested participating restricted stock in two-class calculation	57			5			121			22
Accretion of Series B Convertible Preferred Stock	688			—			2,033			—
Net income available to common stockholders - diluted	$	59,443		$	15,524		$	106,499		$	43,467
Denominator:
Weighted average outstanding shares of common stock - basic	18,006			17,968			17,859			17,912
Dilutive effect of:
Stock options	246			275			270			356
Series B Convertible Preferred Stock	672			—			672			—
Weighted average outstanding shares of common stock - diluted	18,924			18,243			18,801			18,268
Net income per common share:
Basic	$	3.26		$	0.86		$	5.84		$	2.43
Diluted	$	3.14		$	0.85		$	5.66		$	2.38

For the three months and nine months ended September 30, 2011, the diluted income per common share was computed excluding 633,600 shares of common stock equivalents from the conversion of Series B Convertible Preferred Stock that were antidilutive.