NET INCOME PER SHARE

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NET INCOME PER SHARE

Basic and diluted net income per share was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013			2012
	(In thousands, except per share amounts)
Basic net income per share:
Net income (loss)	$	3,440	$	8,514	$	(610	)	$	15,207
Weighted average common shares outstanding	27,873		28,419		27,834			28,382
Basic net income per common share	$	0.12	$	0.30	$	(0.02	)	$	0.54
Diluted net income per share:
Net income (loss)	$	3,440	$	8,514	$	(610	)	$	15,207
Weighted average common shares outstanding — Basic	27,873		28,419		27,834			28,382
Effect of dilutive securities:
Stock options and restricted stock	245		190		—			167
Weighted average common shares for diluted earnings per share	28,118		28,609		27,834			28,549
Diluted net income per common share	$	0.12	$	0.30	$	(0.02	)	$	0.53

At June 30, 2013 and 2012, the Company had 1.7 million of outstanding stock options. The Company also has warrants outstanding relating to its 2016 Notes at June 30, 2013 and 2012. Stock options, restricted stock and warrants are included in the diluted earnings per share calculation using the treasury stock method, unless the effect of including the stock options would be anti-dilutive. For the three months ended June 30, 2013 and 2012, 1.0 million and 1.2 million of anti-dilutive stock options, respectively, were excluded from the diluted earnings per share calculation. As the strike price of the warrants exceeded the Company’s average stock price for the period, the warrants are anti-dilutive and the entire number of warrants was also excluded from the diluted earnings per share calculation. For the six months ended June 30, 2013, all stock options, restricted stock and warrants are excluded in the diluted earnings per share calculation using the treasury stock method because of their anti-dilutive effect.