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Stockholders' Equity
 9 Months Ended
Sep. 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 of anti-dilutive stock options excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2012. Assuming dilution, there were approximately 0.8 million and 0.7 million anti-dilutive stock options excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2011, respectively. The effect of 0.1 million and 0.2 million of common stock equivalents have been excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2011, respectively, 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
September 30, 		  Nine Months
Ended
September 30, 		 
 
   2012   2011   2012   2011  

Common shares outstanding, end of period(a)

     37,125     37,134     37,125     37,134  

Effect of using weighted average common shares outstanding

     30     191     1     362  
                   

Shares used in computing earnings per share—basic

     37,155     37,325     37,126     37,496  

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

     90     —     91     —  

Effect of contingently issuable restricted stock

     87     —     48     —  
                   

Shares used in computing earnings per share—diluted

     37,332     37,325     37,265     37,496  
                   
(a)
Excludes 0.2 million and 0.4 million shares of unvested contingently issuable restricted stock outstanding as of September 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 September 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 nine months ended September 30, 2012 at an average price of $9.85 per share. Since the inception of the program in 2007 and as of September 30, 2012, we have repurchased a cumulative total of 5.8 million shares at an average price of $10.95 per share.