Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

Net Income Per Share

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

	Year Ended December 31,
	2013			2012			2011
	(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income	$	72,037		$	127,674		$	75,192
Less: Series A preferred stock dividends	—			—			—
Less: Accretion of Series B preferred stock	—			(2,498		)	(2,573		)
Less: Net (income) loss allocated to unvested participating restricted stock	(1,200		)	(2,718		)	(1,886		)
Net income available to common stockholders - basic	70,837			122,458			70,733
Effect of unvested participating restricted stock	4			127			34
Effect of dilutive securities:
Convertible Series B preferred stock	—			2,498			—
Numerator - net income available to common shareholders - diluted	$	70,841		$	125,083		$	70,767
Denominator:
Weighted average outstanding shares of common stock - basic	18,871			17,992			17,846
Effect of dilutive securities:
Stock options	270			264			339
Convertible Series B preferred stock	—			621			—
Weighted average outstanding shares of common stock - diluted	19,141			18,877			18,185
Net income (loss) per common share:
Basic	$	3.75		$	6.81		$	3.96
Diluted	$	3.70		$	6.63		$	3.89

For the year ended December 31, 2011, diluted income per common share is computed using the basic weighted average number of common shares outstanding during the period, as the 643,000 shares from common stock equivalents would have been antidilutive.