Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Earnings per share (“EPS”) is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options and restricted stock units determined using the treasury stock method.
A reconciliation of common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Weighted average shares of common stock outstanding, used in computing basic loss per share
33,780

 
33,956

 
33,743

 
33,878

Effect of dilutive stock options and restricted stock units
—

 
—

 
—

 
—

Weighted-average shares of common stock outstanding, used in computing diluted loss per share
33,780

 
33,956

 
33,743

 
33,878

Loss per share of common stock:
 
 
 
 
 
 
 
Basic
$
(0.23
)
 
$
(0.40
)
 
$
(0.12
)
 
$
(0.02
)
Diluted
(0.23
)
 
(0.40
)
 
(0.12
)
 
(0.02
)

 
Stock options and service-based restricted stock units representing 2,424,665 and 2,248,443 shares of common stock outstanding for the three months ended June 30, 2012 and 2011, respectively, and 2,371,676 and 2,250,631 shares of common stock for the six months ended June 30, 2012 and 2011, respectively, were excluded from the computation of diluted EPS because their effect would be anti-dilutive due to a net loss in the period. In addition, performance-based restricted stock units representing 37,846 and 35,735 shares of common stock for the three months ended June 30, 2012 and 2011, respectively, and 34,356 and 30,222 shares of common stock for the six months ended June 30, 2012 and 2011, respectively, were excluded from the computation of diluted EPS because these shares were subject to performance conditions that had not been met.
Since the inception of the Company’s stock repurchase plan in 2004 through June 30, 2012, the Company’s Board of Directors has authorized the repurchase of $500,000,000 of the Company’s common stock. As of June 30, 2012, the Company had repurchased 9,593,278 shares under this program at an aggregate purchase price of approximately $441,443,000. During the six months ended June 30, 2012, the Company repurchased an aggregate of $206,000 of the Company's common stock. During the six months ended June 30, 2011, the Company did not repurchase any shares of the Company's common stock. Shares of the Company’s common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.