Earnings Per Share and Capital Structure

The following table sets forth the computation of basic and diluted earnings per share (EPS):



	Three Months Ended March 31,
	2013		2012
	(in thousands, except per share data)
Net income available to common shareholders	$	2,570	$	25,353

Weighted average common shares outstanding - Basic	39,420		39,913
Dilutive effect of stock-based awards	350		303
Weighted average common shares outstanding - Diluted	39,770		40,216
Earnings per common share - Basic	$	0.07	$	0.64
Earnings per common share - Diluted	$	0.06	$	0.63

Stock-based Awards

For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include the amount the employee must pay upon exercise, future compensation cost associated with the stock award, and the amount of excess tax benefits, if any. Approximately 1.2 million stock-based awards were excluded from the calculation of diluted EPS for each of the three months ended March 31, 2013 and 2012, because they were anti-dilutive. These stock-based awards could be dilutive in future periods.

Preferred Stock

We have authorized the issuance of 10 million shares of preferred stock with no par value. In the event of a liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock would be entitled to be paid a preferential amount per share to be determined by the Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at March 31, 2013 and December 31, 2012.

Stock Repurchase Plan

On March 8, 2013, the Board authorized a twelve-month repurchase program of up to $50 million of our common stock. As of March 31, 2013, we have repurchased 4,490 shares of our common stock, totaling $200,000, with $49.8 million remaining under the repurchase program. Repurchases are made in the open market or in privately negotiated transactions, and in accordance with applicable securities laws. Refer to Part II, Item 2: "Unregistered Sales of Equity Securities and Use of Proceeds" for additional information related to our share repurchase program.