Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings Per Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(in thousands, except per share data)
Income (numerator):
Basic:
Net income	$	30,547		$	57,196		$	81,521		$	96,988
Net income attributable to participating securities		(742	)		(1,192	)		(1,982	)		(2,022	)
Net income attributable to common stock - basic	$	29,805		$	56,004		$	79,539		$	94,966
Diluted:
Net income	$	30,547		$	57,196		$	81,521		$	96,988
Net income attributable to participating securities		(742	)		(1,191	)		(1,980	)		(2,021	)
Net income attributable to common stock - diluted	$	29,805		$	56,005		$	79,541		$	94,967
Weighted average shares (denominator):
Weighted average shares - basic		48,303			47,961			48,279			47,930
Diluted effect of stock options		41			45			43			43
Weighted average shares - diluted		48,344			48,006			48,322			47,973
Basic income per common share	$	0.62		$	1.17		$	1.65		$	1.98
Diluted income per common share	$	0.62		$	1.17		$	1.65		$	1.98

Stock options that were considered antidilutive because the exercise price of the option exceeded the average price of our common stock for the applicable period totaled approximately 369,000 and 398,000 shares for the three and six-month periods ended June 30, 2012 and 2011, respectively.

During the three months ended June 30, 2012 and 2011, respectively, approximately 23,000 and 73,000 shares of common stock were issued upon the vesting of restricted stock by employees and nonemployee directors. During the six months ended June 30, 2012 and 2011, respectively, approximately 255,000 and 253,000 shares of common stock were issued upon the vesting of restricted stock by employees and nonemployee directors.

Because it is management’s stated intention to redeem the principal amount of our 1 ³/₄ % Senior Convertible Notes due 2017 (the “2017 Convertible Notes”) (see Note 4 – Long-Term Debt) in cash, we have used the treasury method for determining potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during the reporting period, the 2017 Convertible Notes were not dilutive for such period. Additionally, since the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 4 – Long-Term Debt) for the reporting period, such warrants were also not dilutive for such period.