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Stockholders' Equity
 6 Months Ended
Jun. 30, 2012
Stockholders' Equity  
Stockholders' Equity

8. Stockholders' Equity

  • Earnings Per Share

        Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed considering the dilutive effect of stock options and contingently issuable restricted stock.

        There were approximately 1.0 million and 0.7 million of anti-dilutive stock options excluded from the calculation of diluted EPS for the three months ended June 30, 2012 and 2011, respectively. There were approximately 1.0 million of anti-dilutive stock options that were excluded from the calculation of diluted EPS for the six months ended June 30, 2012. Assuming dilution, there were approximately 0.5 million anti-dilutive stock options excluded from the calculation of diluted EPS for the six months ended June 30, 2011. The effect of 0.3 million of common stock equivalents have been excluded from the calculation of diluted EPS for the six months ended June 30, 2011, due to our net loss position during that period.

        The following table reconciles the number of shares outstanding with the number of shares used in computing basic and diluted earnings per share for each of the periods presented (in thousands):

 
   Three Months
Ended June 30, 		  Six Months
Ended June 30, 		 
 
   2012   2011   2012   2011  

Common shares outstanding, end of period(a)

     37,163     37,414     37,163     37,414  

Effect of using weighted average common shares outstanding

     3     216     (52 )   170  
                   

Shares used in computing earnings per share—basic

     37,166     37,630     37,111     37,584  

Effect of shares issuable under stock option plans based on the treasury stock method

     81     110     92     —  

Effect of contingently issuable restricted stock

     —     2     29     —  
                   

Shares used in computing earnings per share—diluted

     37,247     37,742     37,232     37,584  
                   

 
(a)
Excludes 0.2 million and 0.4 million shares of unvested contingently issuable restricted stock outstanding as of June 30, 2012 and 2011, respectively.

  • Share Repurchase Program

        On March 29, 2007, our Board of Directors (the "Board") approved a stock repurchase program to acquire up to 1.0 million shares of our outstanding common stock. As of June 30, 2012, the Board approved extensions of the program to acquire up to 6.6 million shares.

        The share repurchases will be made from time to time at our discretion in the open market or privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The Board may modify, suspend, extend or terminate the program at any time. We repurchased 0.1 million shares during the six months ended June 30, 2012 at an average price of $9.51 per share. Since the inception of the program in 2007 and as of June 30, 2012, we have repurchased a cumulative total of 5.7 million shares at an average price of $10.95 per share.