Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders, adjusted for the effect of assumed conversions of convertible notes and preferred stock, by the weighted average number of common shares outstanding combined with dilutive common share equivalents outstanding, if the effect is dilutive. As net losses were realized during the year ended December 31, 2010, potentially dilutive securities were excluded from the diluted earnings per share calculation as inclusion would have an anti-dilutive effect on net loss per share.

In connection with the sale of the 2008 Notes, the Company entered into a Share Lending Agreement for 3.8 million shares of the Company’s common stock (see Note 9 – Share Lending Agreement). Contractual undertakings of the Borrower have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of the Borrowed Shares, and all shares outstanding under the Share Lending Agreement are contractually obligated to be returned to the Company. As a result, shares loaned under the Share Lending Agreement are not considered outstanding for the purpose of computing and reporting earnings or loss per share.

Securities convertible into shares of common stock that were not considered in calculating earnings (loss) per common share, as inclusion would be anti-dilutive, are as follows (in thousands):

	December 31,
	2012	2011	2010
Stock options under long-term incentive plans	—	—	1,605
Stock warrants related to sale of preferred stock	—	—	5,853
Convertible senior notes (if converted)	—	4,681	4,879
Convertible preferred stock (if converted)	—	—	4,872
	—	4,681	17,209

At December 31, 2012 and 2011, approximately 0.1 million stock options and 1.1 million stock options, respectively, with an exercise price in excess of the average market price of the Company’s common stock were also excluded from the calculation of diluted earnings per share.

Basic and diluted earnings (loss) per common share are as follows (in thousands, except per share data):

	Year ended December 31,
	2012		2011		2010
Net income (loss) attributable to common stockholders - Basic	$	49,791	$	26,540	$	(50,008	)
Impact of assumed conversions:
Interest on convertible notes	1,959		—		—
Dividends on preferred stock	—		141		—
Net income (loss) attributable to common stockholders - Diluted	$	51,750	$	26,681	$	(50,008	)
Weighted average common shares outstanding - Basic	48,185		44,229		25,731
Assumed conversions:
Incremental common shares from warrants	1,560		2,222		—
Incremental common shares from stock options	992		747		—
Incremental common shares from convertible preferred stock before conversion	—		440		—
Incremental common shares from restricted stock units	116		—		—
Incremental common shares from convertible senior notes	2,701		—		—
Weighted average common shares outstanding - Diluted	53,554		47,638		25,731
Basic earnings (loss) per common share	$	1.03	$	0.60	$	(1.94	)
Diluted earnings (loss) per common share	$	0.97	$	0.56	$	(1.94	)