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PER SHARE OF COMMON STOCK
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
PER SHARE OF COMMON STOCK
4. PER SHARE OF COMMON STOCK

 

Per share results have been calculated based on the average number of common shares outstanding. The calculation of basic and diluted net income (loss) per share is determined using net income (loss) applicable to common stockholders as the numerator and the number of shares included in the denominator as follows (in thousands, except per share amounts):

 

    Years Ended December 31,  
    2012     2011     2010  
Basic net income (loss) per share                        
Net income (loss) applicable to common stockholders   $ 105,631     $ 15,042     $ (167,214 )
Undistributed earnings allocated to participating securities     (904 )     (84 )     -  
Net income (loss) applicable to common stockholders excluding amounts applicable to participating securities   $ 104,727     $ 14,958     $ (167,214 )
Weighted average common shares outstanding     68,325       68,086       49,819  
Basic net income (loss) per share   $ 1.53     $ 0.22     $ (3.36 )
                         
Diluted net income (loss) per share:                        
Net income (loss) applicable to common stockholders   $ 105,631     $ 15,042     $ (167,214 )
Undistributed earnings allocated to participating securities     (904 )     (84 )     -  
Net income (loss) applicable to common stockholders excluding amounts applicable to participating securities   $ 104,727     $ 14,958     $ (167,214 )
                         
Weighted average common shares outstanding     68,325       68,086       49,819  
Dilutive stock options and restricted stock     239       332       -  
Diluted weighted average common shares outstanding     68,564       68,418       49,819  
Diluted net income (loss) per share   $ 1.53     $ 0.22     $ (3.36 )

 

The calculation of average diluted shares outstanding for the periods ending December 31, 2012, 2011 and 2010 excludes the antidilutive effects of the following potential common shares (in thousands):

 

    Years Ended December 31,  
    2012     2011     2010  
Stock options and restricted stock     -       -       336  
Redeemable warrants     -       -       12,890  
Options to purchase common shares     1,676       1,376       1,437  

 

Options to purchase common shares are considered potentially dilutive but were excluded from calculations of diluted net income (loss) per share as the exercise prices were greater than the average market price of the common shares. In addition, the calculation of diluted net income per share excludes the impact of the Company’s Convertible Senior Notes (see Note 6 for details) as the average stock price of the Company’s common stock was below the initial conversion price of approximately $11.70 per share for the year ending December 31, 2012. The Convertible Senior Notes may have a dilutive impact if the average market price of the Company’s common stock is above the conversion price.