Earnings Per Share Reconciliation

6 Months Ended

Jun. 30, 2013

Earnings Per Share Reconciliation

Earnings Per Share Reconciliation

Note 6.  Earnings Per Share Reconciliation

The Company computes earnings per share in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) No. 260, (“ASC 260”), “Earnings per Share,” which requires earnings per share for each class of stock to be calculated using the two-class method. The two-class method is the method by which a company allocates earnings or loss between the holders of its common stock and its participating security holders. Under the two-class method, allocation of earnings or loss between common shareholders and other security holders is based on their respective participation rights in dividends and undistributed earnings for the reporting period. All outstanding nonvested shares of restricted stock that contain non-forfeitable rights to dividends are considered participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company’s nonvested shares of restricted stock are considered participating securities in accordance with ASC 260.

The following table displays the computation of basic and diluted earnings per share:

	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
(in thousands, except share data)	2013			2012			2013			2012
NUMERATOR
Net income from continuing operations	$	231,231		$	6,049		$	253,235		$	3,028
Net (loss) income from discontinued operations	(37		)	223			76			(1,864		)
Less: distributed earnings allocated to nonvested restricted stock	(3		)	(10		)	(7		)	-
Less: undistributed earnings allocated to nonvested restricted stock	(543		)	(40		)	(954		)	-
Numerator for basic income (loss) per share	230,648			6,222			252,350			1,164
Plus: interest on 1.6 percent convertible senior notes due 2018	729			370			1,458			-
Plus: interest on 0.25 percent convertible senior notes due 2019	110			-			110			-
Plus: undistributed earnings allocated to nonvested restricted stock	543			40			954			-
Less: undistributed earnings reallocated to nonvested restricted stock	(450		)	(37		)	(803		)	-
Numerator for diluted income (loss) per share	$	231,580		$	6,595		$	254,069		$	1,164
DENOMINATOR
Basic earnings per share—weighted-average shares	46,035,775			44,627,548			45,736,648			44,551,441
Effect of dilutive securities:
Share-based payments	1,024,134			293,819			1,001,655			387,331
1.6 percent convertible senior notes due 2018	7,023,780			3,473,298			7,023,780			-
0.25 percent convertible senior notes due 2019	1,606,642			-			807,759			-
Diluted earnings per share—adjusted weighted-average
shares and assumed conversions	55,690,331			48,394,665			54,569,842			44,938,772
NET INCOME (LOSS) PER COMMON SHARE
Basic
Continuing operations	$	5.01		$	0.14		$	5.52		$	0.07
Discontinued operations	0.00			0.00			0.00			(0.04		)
Total	5.01			0.14			5.52			0.03
Diluted
Continuing operations	4.16			0.14			4.66			0.07
Discontinued operations	0.00			0.00			0.00			(0.04		)
Total	$	4.16		$	0.14		$	4.66		$	0.03

For the six-month period ended June 30, 2012, the effect of convertible debt was not included in the diluted earnings per share calculation as it would have been antidilutive.