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Net Income (Loss) Per Share
9 Months Ended
Sep. 30, 2012
Net Income (Loss) Per Share [Abstract]  
Net Income (Loss) Per Share

8. Net Income (Loss) Per Share

The calculations of net income (loss) per share were as follows:

 

                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2011     2012     2011  
    (In thousands except per share data)  
    (Unaudited)  

Basic:

                               
         

Net income (loss)

  $ (8,757   $ 22,331     $ (28,554   $ 135,136  
         

Average common shares outstanding

    20,999       20,790       20,935       20,737  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share

  $ (0.42   $ 1.07     $ (1.36   $ 6.52  
   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted:

                               
         

Net income (loss)

  $ (8,757   $ 22,331     $ (28,554   $ 135,136  

Interest on convertible senior debentures

    —         1,391       —         4,353  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) for dilutive share computation

  $ (8,757   $ 23,722     $ (28,554   $ 139,489  
         

Number of shares used in basic per share computation

    20,999       20,790       20,935       20,737  

Convertible senior debentures

    —         2,855       —         3,061  

Unvested restricted stock and deferred stock units

    —         46       —         68  

Employee stock options

    —         600       —         707  
   

 

 

   

 

 

   

 

 

   

 

 

 

Average common shares outstanding

    20,999       24,291       20,935       24,573  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share

  $ (0.42   $ 0.98     $ (1.36   $ 5.68  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).

If a consolidated or equity method partner company has dilutive stock options, unvested restricted stock, DSUs, warrants or other securities outstanding, diluted net income (loss) per share is computed by first deducting from net income (loss), the income attributable to the potential exercise of the dilutive securities of the partner company. This impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share. The effect was anti-dilutive for all periods presented.

The following potential shares of common stock and their effects on income (loss) were excluded from the diluted net income (loss) per share calculation for the three months ended September 30, 2012 and 2011 because their effect would be anti-dilutive:

 

   

At September 30, 2012 and 2011, options to purchase 3.1 million and 0.2 million shares of common stock, respectively, at prices ranging from $3.93 to $18.80 per share, were excluded from the calculations.

 

   

At September 30, 2012 and 2011, unvested restricted stock units, performance stock units and DSUs convertible into 0.2 million shares of stock were excluded from the calculations.

 

   

At September 30, 2012, 10 thousand shares related to the Company’s 2024 Debentures (see Note 5) representing the effect of assumed conversion of the 2024 Debentures were excluded from the calculations.

 

   

At September 30, 2012, 2.8 million shares related to the Company’s 2014 Debentures (see Note 5) representing the effect of assumed conversion of the 2014 Debentures were excluded from the calculations.

The following potential shares of common stock and their effects on income (loss) were excluded from the diluted net income (loss) per share calculation for the nine months ended September 30, 2012 and 2011 because their effect would be anti-dilutive:

 

   

At September 30, 2012 and 2011 options to purchase 3.1 million and 0.1 million shares of common stock at prices ranging from $3.93 to $18.80 per share, were excluded from the calculations.

 

   

At September 30, 2012 and 2011, unvested restricted stock units, performance stock units and DSUs convertible into 0.2 million and 0.1 million shares of stock were excluded from the calculations.

 

   

At September 30, 2012, 10 thousand shares related to the Company’s 2024 Debentures (see Note 5), representing the effect of assumed conversion of the 2024 Debentures, were excluded from the calculations.

 

   

At September 30, 2012, 2.8 million shares related to the Company’s 2014 Debentures (see Note 5), representing the effect of assumed conversion of the 2014 Debentures, were excluded from the calculations.