Year Ended December 31,

2013

2012

2011

Numerator

Net income (loss)

$

314,385

$

62,699

$

(98,390

)

Less: distributed earnings allocated to participating securities

-

(1,101

)

(711

)

Less: undistributed earnings allocated to participating securities

(4,917

)

-

Net income (loss) attributable to common stockholders (numerator for basic earnings per share)

$

309,468

$

61,598

$

(99,101

)

Add back: undistributed earnings allocated to participating securities

4,917

-

Less: undistributed earnings reallocated to participating securities

(4,879

)

-

Numerator for diluted EPS under two class method

$

309,506

$

61,598

$

(99,101

)

Denominator

Weighted-average common shares outstanding

48,453,119

47,660,629

46,796,334

Add: dilutive effect of stock options

378,666

173,527

-

Denominator for diluted EPS under two class method

48,831,785

47,834,156

46,796,334

Basic Earnings Per Common Share

6.39

1.29

(2.12

)

Diluted Earnings Per Common Share

6.34

1.29

(2.12

)