Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Net Income (Loss) per 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 issued or reserved for future issuance under outstanding stock options at September 30, 2013 and 2012 was 7,081,950 and 6,699,604, respectively, and the total number of shares of restricted stock and shares reserved for restricted stock units outstanding at September 30, 2013 and 2012 was 763,559 and 842,438, respectively.

Prior to September 30, 2013, there were 27,000 shares outstanding of the Company’s Series D Cumulative Convertible Preferred Stock (“Series D Preferred Stock”). On September 30, 2013, the holder converted all of the outstanding shares of Series D Preferred Stock into 6,065,075 shares of common stock. See further discussion of the Series D Preferred Stock conversion at Note 6 “Cumulative Convertible Preferred Stock.” The effects of the dilutive stock awards and the outstanding shares of Series D Preferred Stock were anti-dilutive for three and nine months ended September 30, 2013.

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Net income (loss) applicable to common shares	$	(202,096	)	$	14,859	$	(271,693	)	$	35,135
Income impact of assumed Series D Preferred Stock conversion	—			338		—			1,014
Net income (loss) after assumed Series D Preferred Stock conversion	$	(202,096	)	$	15,197	$	(271,693	)	$	36,149
Weighted average number of common shares outstanding	157,143			155,918		156,842			155,698
Effect of dilutive stock awards	—			869		—			917
Effect of convertible preferred stock	—			6,065		—			6,065
Weighted average number of diluted common shares outstanding	157,143			162,852		156,842			162,680
Basic net income (loss) per share	$	(1.29	)	$	0.10	$	(1.73	)	$	0.23
Diluted net income (loss) per share	$	(1.29	)	$	0.09	$	(1.73	)	$	0.22