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PER SHARE DATA
3 Months Ended
Mar. 31, 2012
EARNINGS PER SHARE AND DIVIDEND DATA [Abstract]  
PER SHARE DATA

NOTE 6 – PER SHARE DATA

The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares of common stock outstanding.  The computation of diluted earnings per share is based on the weighted average number of shares of common stock outstanding plus the shares resulting from the assumed exercise of all outstanding share-based awards using the treasury stock method.  Weighted-average antidilutive stock options to purchase 3.0 million and 3.0 million shares of Company common stock with a weighted average exercise price of $20.80 and $20.77 per share for the three months ended March 31, 2012 and 2011, respectively, were excluded from diluted shares.  Because of the net loss for the three months ended March 31, 2011, no potentially dilutive shares were included in the loss per share calculations for that period, as including such shares would have been antidulitive.  Antidilutive other equity awards of approximately 68,000 and 57,000 shares of Company common stock for the three months ended March 31, 2012 and 2011, respectively, were also excluded from diluted shares.  The basic and diluted earnings per share computations for the first quarter of 2012 reflect the Company's issuance of 10,952.381 shares of common stock on January 24, 2012 in connection with an underwritten public offering.  
 
The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the periods shown:


   
Three months ended March 31,
 
   
2012
  
2011
 
   
Income
  
Shares
  
Per Share
  
Income
  
Shares
  
Per Share
 
   
(Numerator)
  
(Denominator)
  
Amount
  
(Numerator)
  
(Denominator)
  
Amount
 
Basic EPS
 
(In thousands, except per share amounts)
 
Income (loss) available to common
shareholders
 $22,866   91,728  $0.25  $(494)  83,449  $(0.01)
Effect of dilutive share-based awards
  -   42       -   -     
                          
Diluted EPS
                        
Income (loss) available to common
shareholders plus assumed
exercise of all outstanding
share-based awards
 $22,866   91,770  $0.25  $(494)  83,449  $(0.01)