PER SHARE OF COMMON STOCK

12 Months Ended

Dec. 31, 2011

PER SHARE OF COMMON STOCK

4. PER SHARE OF COMMON STOCK

Per share results have been calculated based on the average number of common shares outstanding. The calculation of basic and diluted net income (loss) per share is determined using net income (loss) applicable to common stockholders as the numerator and the number of shares included in the denominator as follows (in thousands, except per share amounts):

	Years Ended December 31,
	2011			2010			2009
Basic net income (loss) per share
Net income (loss) applicable to common stockholders	$	15,042		$	(167,214	)	$	(105,085	)
Undistributed earnings allocated to participating securities		(84	)		—			—
Net income (loss) applicable to common stockholders excluding amounts applicable to participating securities	$	14,958		$	(167,214	)	$	(105,085	)
Weighted average common shares outstanding		68,086			49,819			30,237
Basic net income (loss) per share	$	0.22		$	(3.36	)	$	(3.48	)
Diluted net income (loss) per share:
Net income (loss) applicable to common stockholders	$	15,042		$	(167,214	)	$	(105,085	)
Undistributed earnings allocated to participating securities		(84	)		—			—
Net income (loss) applicable to common stockholders excluding amounts applicable to participating securities	$	14,958		$	(167,214	)	$	(105,085	)
Weighted average common shares outstanding		68,086			49,819			30,237
Dilutive stock options and restricted stock		332			—			—
Diluted weighted average common shares outstanding		68,418			49,819			30,237
Diluted net income (loss) per share	$	0.22		$	(3.36	)	$	(3.48	)

The calculation of average diluted shares outstanding for the periods ending December 31, 2011, 2010 and 2009 excludes the antidilutive effects of the following potential common shares (in thousands):

	Years Ended December 31,
	2011		2010		2009
Stock options and restricted stock		—		336		11
Redeemable warrants		—		12,890		11,336
Options to purchase common shares		1,376		1,437		2,133

Options to purchase common shares are considered potentially dilutive but were excluded from calculations of diluted net income (loss) per share as the exercise prices were greater than the average market price of the common shares.