Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

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Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2011
Earnings (Loss) Per Share [Abstract]  
Earnings (Loss) Per Share

14. Earnings (Loss) Per Share

In accordance with the Earnings Per Share topic of the Codification, the Company's unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities and are included in the computation of earnings per share under the two-class method.

The following table presents the calculation of basic earnings (loss) per common share (in thousands, except per share amounts):

 

     Year Ended December 31,  
     2011      2010      2009  

Net income (loss)

    $ 172,817       $ 117,892       $ (187,919 ) 

Less portion allocated to nonvested shares

      3,211         1,178         —     
  

 

 

     

 

 

     

 

 

  

Net income (loss) allocated to common shares

    $ 169,606       $ 116,714       $ (187,919 ) 
  

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding

      74,033         73,685         74,852   
  

 

 

     

 

 

     

 

 

  

Basic and diluted earnings (loss) per common share

    $ 2.29       $ 1.58       $ (2.51 ) 

Shares excluded due to being anti-dilutive

      1,873         1,540         1,347