Net Income Per Share

6 Months Ended

Jun. 30, 2012

Net Income Per Share

Net Income Per Share

Note 9—Net Income Per Share

        A reconciliation of the basic and diluted net income per share computations for the three and six months ended June 30, 2012 and 2011 is as follows (in thousands, except per share data):

	For the three months ended June 30,
	2012				Recast 2011
	Basic		Diluted		Basic		Diluted
Numerator:
Income from continuing operations	$	26,756	$	26,756	$	114,453	$	114,453
Income from discontinued operations	$	5,180	$	5,180		—		—
Denominator:
Average number of common shares outstanding		62,537		62,537		62,313		62,313
Effect of dilutive securities:
Stock awards and warrants(1)		—		243		—		393
		62,537		62,780		62,313		62,706
Income from continuing operations	$	0.43	$	0.43	$	1.84	$	1.83
Income from discontinued operations		0.08		0.08		—		—
Net income per share	$	0.51	$	0.51	$	1.84	$	1.83

	For the six months ended June 30,
	2012				Recast 2011
	Basic		Diluted		Basic		Diluted
Numerator:
Income from continuing operations	$	67,372	$	67,372	$	196,266	$	196,266
Income from discontinued operations	$	5,180	$	5,180		—		—
Denominator:
Average number of common shares outstanding		62,503		62,503		58,390		58,390
Effect of dilutive securities:
Stock awards and warrants(1)		—		256		—		370
		62,503		62,759		58,390		58,760
Income from continuing operations	$	1.08	$	1.08	$	3.36	$	3.34
Income from discontinued operations		0.08		0.08		—		—
Net income per share	$	1.16	$	1.16	$	3.36	$	3.34

(1)

Stock awards represent the weighted average number of shares of common stock issuable on the exercise of dilutive employee stock options and restricted stock units, less the number of shares of common stock which could have been purchased with the proceeds from the exercise of such stock awards. These purchases were assumed to have been made at the average market price of the common stock for the period. The weighted average number of stock options outstanding for the three months ended June 30, 2012 and 2011 totaling 234,323 and 50,814, respectively, were excluded from the calculation above because their effect would have been anti-dilutive. Additionally, the weighted average number of stock options outstanding for the six months ended June 30, 2012 and 2011 totaling 205,378 and 29,038, respectively, were excluded from the calculation above because their effect would have been anti-dilutive. Outstanding warrants entitle the holder to receive cash and shares of common stock upon exercise. All of the Company's outstanding stock warrants were exercised or expired during the second quarter of 2012.