Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2012

Earnings (Loss) Per Share

4. Earnings (Loss) Per Share

The following table shows our basic and diluted EPS calculations:

	Year Ended December 31,
	2011			2011			2010
Basic and diluted earnings (loss) per common share:	(Dollars in thousands, except per share amounts)
Net income (loss)	$	62,699		$	(98,390	)	$	(64,770	)
Less: distributed and undistributed earnings allocated to participating securities		(1,101	)		(711	)		(523	)
Net income (loss) attributable to common stockholders	$	61,598		$	(99,101	)	$	(65,293	)
Basic weighted-average common shares outstanding		47,660,629			46,796,334			46,627,815
Effect of dilutive securities:
Stock options		173,527			-			-
Restricted stock awards		230,683			-			-
Diluted weighted-average common shares outstanding		48,064,839			46,796,334			46,627,815
Basic earnings (loss) per common share		1.29		$	(2.12	)	$	(1.40	)
Dilutive earnings (loss) per common share	$	1.28		$	(2.12	)	$	(1.40	)

Diluted EPS for the year ended December 31, 2012 excluded options to purchase approximately 4.8 million shares of common stock because the effect of their inclusion would be anti-dilutive.

There was no dilutive effect of common stock equivalents for the years ended December 31, 2011 or December 31, 2010 because the effect of their inclusion would decrease the reported loss per share. Using the treasury stock method, the weighted-average common stock equivalents excluded from diluted EPS were 0.3 million shares and 0.4 million shares for the years ended December 31, 2011 and 2010, respectively.