Net Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

Net Income (Loss) per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) applicable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is determined based on the assumption that dilutive restricted stock and restricted stock unit awards have vested and outstanding dilutive stock options have been exercised and the aggregate proceeds were used to reacquire common stock using the average price of such common stock for the period. The total number of shares issuable under anti-dilutive options at December 31, 2012, 2011, and 2010 were 4,864,553, 2,974,886 and 7,721,792, respectively.

There were 27,000 shares of Series D Cumulative Convertible Preferred Stock outstanding as of December 31, 2012, which may be converted, at the holder’s election, into up to 6,065,075 shares of common stock. See further discussion of the Series D Preferred Stock conversion provisions at Note 12 “— Cumulative Convertible Preferred Stock.” The outstanding shares of all Series D Preferred Stock was anti-dilutive for the years ended December 31, 2011 and 2010.

The following table summarizes the computation of basic and diluted net income (loss) per common share (in thousands, except per share amounts):

	Years Ended December 31,
	2012		2011		2010
Net income (loss) applicable to common shares	$	61,963	$	23,422	$	(38,774	)
Income impact of assumed Series D Preferred Stock conversion	1,352		—		—
Net income after assumed Series D Preferred Stock conversion	$	63,315	$	23,422	$	(38,774	)
Weighted average number of common shares outstanding	155,801		154,811		144,278
Effect of dilutive stock awards	899		1,279		—
Effect of Series D Preferred Stock	6,065		—		—
Weighted average number of diluted common shares outstanding	162,765		156,090		144,278
Basic net income (loss) per share	$	0.40	$	0.15	$	(0.27	)
Diluted net income (loss) per share	$	0.39	$	0.15	$	(0.27	)