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Earnings per share (Tables)
3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Basic and diluted earnings (loss) per share
The following table shows the basic and diluted earnings per share for three months ended March 31, 2012 and 2011:

 
For the three months ended March 31,
 
2012
 
2011
 
Income
Shares (000)
Per-Share
 
Income
Shares (000)
Per-Share
Net income (loss)
$
(4,401
)
 
 
 
$
25,046

 
 
Amount allocated to common shareholders
100
%
 
 
 
91.85
%
 
 
Basic EPS:
 
 
 
 
 
 
 
Income (loss) allocable to common shareholders
(4,401
)
88,727

$
(0.05
)
 
23,005

92,965

$
0.25

Effect of Dilutive Securities:
 
 
 
 
 
 
 
Stock compensation plans


 
 

332

 
Diluted EPS:
 
 
 
 
 
 
 
Income (loss) applicable to common shareholders with assumed conversion
$
(4,401
)
88,727

$
(0.05
)
 
$
23,005

93,297

$
0.25

Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share
Calculation of EPS:
 
Three months ended March 31,
 
2012
2011
Options to purchase common stock outstanding
632,334

650,011

Weighted average service-based stock awards outstanding
345,524

218,000

Excluded from the calculation of diluted EPS:
 
 
Stock options (1)
632,334

349,000

Service-based share award
345,524


(1)
These stock option awards were excluded from the calculation of diluted EPS because the exercise price of these options was greater than the average market price of the underlying common stock, except in periods when we had a net loss where all option were excluded because of their antidilutive effect on earnings per share.