Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 3—EARNINGS PER SHARE

We compute basic earnings per share by dividing net income (loss) for the period by the weighted average number of shares outstanding for the period. Diluted earnings per share includes the effects of dilutive common stock equivalents, consisting of outstanding stock-based awards, unrecognized compensation expense and tax benefits in accordance with ASC 718, Compensation – Stock Compensation, to the extent the effect is not anti-dilutive, using the treasury stock method.

 

The following table presents the computation of basic and diluted earnings per share:

 

                                 
    Three months ended     Six months ended  
(In thousands, except share and per share data)   June 30, 2012     June 30, 2011     June 30, 2012     June 30, 2011  

Net income (loss)

   $ 16,276     $ (39,661 )    $ 26,427     $ (34,599 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Weighted average common shares outstanding for basic earnings per share

     99,896,608       89,302,942       99,888,236       88,346,716  

Additional dilutive shares related to share based awards

     1,192,148       —         1,473,442       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding for diluted earnings per share

     101,088,756       89,302,942       101,361,678       88,346,716  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Basic and diluted income (loss) per share:

                                

Basic

   $ 0.16     $ (0.44 )    $ 0.26     $ (0.39 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ 0.16     $ (0.44 )    $ 0.26     $ (0.39 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

For the three and six months ended June 30, 2012, there were 195,000 stock options which were not included in the calculation of diluted earnings per share because their impact would have been anti-dilutive. For the three and six months ended June 30, 2011 there were 5,000,000 stock options and 120,135 restricted shares which are not included in the calculation of diluted earnings per share because their impact would have been anti-dilutive.