Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 10 – Earnings Per Share

We have shares of restricted stock issued and outstanding, some of which remain subject to vesting requirements.Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, the undistributed earnings for each period are allocated based on the participation rights of both the common shareholders and holders of any participating securities as if earnings for the respective periods had been distributed.Because both the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.Further, we are required to compute earnings per share (“EPS”) amounts under the two class method in periods in which we have earnings from continuing operations.For periods in which we have a net loss we do not use the two class method as holders of our restricted shares are not contractually obligated to share in such losses.

The presentation of basic EPS amounts on the face of the accompanying condensed consolidated statements of operations is computed by dividing the net income available to common shareholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income included in the numerator excludes the effects of the impact of dilutive common stock equivalents, if any. The computations of the numerator (Income) and denominator (Shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands):

		Three Months Ended				Three Months Ended
		March 31, 2012				March 31, 2011
		Income		Shares		Income		Shares
Basic:
Net income applicable to common shareholders.......	$	65,727			$	25,857
Less: Undistributed net income allocable to participating securities......................................		(677	)			(338	)
Net income applicable to common shareholders	$	65,050		104,530	$	25,519		104,471

		Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
		Income	Shares		Income	Shares
Diluted:
Netincome per common share - Basic........	$	65,050	104,530	$	25,519	104,471
Effect of dilutive securities:
Stock options.......................................................................		─	98		─	71
Undistributed earnings reallocated to participating securities..............................................................................		3	─		1	─
2025 Notes and 2032 Notes............................................		─	─		─	─
Convertible preferred stock..............................................		10	361		10	361
Net income per common share - Diluted......................	$	65,063	104,989	$	25,530	104,903

There were no diluted shares associated with our 2025 Convertible Senior Notes as the conversion price of $32.14 (and conversion trigger of $38.57 per share) was not met in either of the three-month periods ended March 31, 2012 and 2011.Also, no diluted shares were included for our 2032 Notes for the three-month period ended March 31, 2012 as the conversion price of $25.02 (and conversion trigger of $32.53 per share) was not met and we have the right to settle any such future conversions in cash at our sole discretion.