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EARNINGS / (LOSS) PER SHARE | 3 Months Ended
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Mar. 31, 2013
EARNINGS / (LOSS) PER SHARE |
13. | EARNINGS / (LOSS) PER SHARE
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.
|  | Three months ended March 31, |
|  | 2013 |  |  | 2012 |
Net income / (loss) |  | $ | (79,456 | ) |  | $ | 60,184 |
Weighted average shares of common stock outstanding (used to calculate basic EPS) |  |  | 81,538 |  |  |  | 72,885 |
Net effect of dilutive employee stock options based on the treasury stock method |  |  | 465 |  |  |  | 217 |
Weighted average shares of common stock outstanding (used to calculate diluted EPS) |  |  | 82,003 |  |  |  | 73,102 |
Net income / (loss) per common share - basic |  | $ | (0.97 | ) |  | $ | 0.83 |
Net income / (loss) per common share - diluted |  | $ | (0.97 | ) |  | $ | 0.82 |
Employee stock options granted have not been included in the above calculations of diluted earnings per share where the exercise price is less than the average market price of the common stock during the three months ended March 31, 2013 and 2012. In addition there is no adjustment to fully diluted shares related to the Convertible Senior Notes as the average market price was below the conversion price for the periods.

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