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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.