Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Net Income (Loss) Per Share

Reconciliation of the basic and diluted net income per share computations

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

	For the three months ended September 30,
	2012						Recast 2011
	Basic			Diluted			Basic		Diluted
Numerator:
Net income (loss)	$	(1,061,956	)	$	(1,061,956	)	$	87,080	$	87,080
Denominator:
Average number of common shares outstanding		62,572			62,572			62,414		62,414
Effect of dilutive securities:
Stock awards and warrants(1)		—			—			—		345
		62,572			62,572			62,414		62,759
Net income (loss) per share	$	(16.97	)	$	(16.97	)	$	1.40	$	1.39

	For the nine months ended September 30,
	2012						Recast 2011
	Basic			Diluted			Basic		Diluted
Numerator:
Income (loss) from continuing operations	$	(994,584	)	$	(994,584	)	$	283,346	$	283,346
Income from discontinued operations	$	5,180		$	5,180			—		—
Denominator:
Average number of common shares outstanding		62,524			62,524			59,601		59,601
Effect of dilutive securities:
Stock awards and warrants(1)		—			—			—		370
		62,524			62,524			59,601		59,971
Income (loss) from continuing operations	$	(15.91	)	$	(15.91	)	$	4.75	$	4.72
Income from discontinued operations		0.09			0.09			—		—
Net income (loss) per share	$	(15.82	)	$	(15.82	)	$	4.75	$	4.72

(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. In periods of net loss, the number of shares used to calculate diluted earnings per share is the same as basic earnings per share; therefore, the effect of dilutive securities is zero for such periods. The weighted average number of stock options outstanding for the three months ended September 30, 2012 and 2011 totaling 291,517 and 38,083, respectively, and for the nine months ended September 30, 2012 and 2011 totaling 224,240 and 32,086, 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.