Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v2.4.0.6
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2011
Earnings (Loss) Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

NOTE 14 — EARNINGS (LOSS) PER SHARE

Earnings (loss) per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. Unvested restricted stock was excluded from the calculation of weighted-average common shares for basic EPS. For diluted EPS, weighted-average common shares include the impact of restricted stock under the treasury method.

 

The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:

 

                         
    Income
(Loss)
(Numerator)		     Weighted-
Average
Shares
(Denominator)		     Per
Share
Amount		  
    (In Thousands, Except Per Share Amounts)  

Year Ended December 31, 2011:

                        

Basic EPS – Income Available to Common Stockholders

   $ 28,147       20,403,549     $ 1.38  

Effect of Dilutive Securities – Options and Warrants

   $ —       19,435     $ 0.00  
   

 

 

    

 

 

    

 

 

  

Diluted EPS – Income Available to Common Stockholders

   $ 28,147       20,422,984     $ 1.38  
   

 

 

    

 

 

    

 

 

  

Year Ended December 31, 2010:

                        

Basic EPS – Income Available to Common Stockholders

   $ (88,009 )      11,790,278     $ (7.46 ) 

Effect of Dilutive Securities – Options and Warrants

   $ —       —     $ —  
   

 

 

    

 

 

    

 

 

  

Diluted EPS – Income Available to Common Stockholders

   $ (88,009 )      11,790,278     $ (7.46 ) 
   

 

 

    

 

 

    

 

 

  

Year Ended December 31, 2009:

                        

Basic EPS – Income Available to Common Stockholders

   $ (122,277 )      5,946,295     $ (20.56 ) 

Effect of Dilutive Securities – Options and Warrants

   $ —       —     $ —  
   

 

 

    

 

 

    

 

 

  

Diluted EPS – Income Available to Common Stockholders

   $ (122,277 )      5,946,295     $ (20.56 ) 
   

 

 

    

 

 

    

 

 

  

For the year ended December 31, 2011, there were 409,875 options, warrants and unvested restricted stock outstanding, that were included in computation of diluted EPS. For the years ended December 31, 2010 and 2009, there were 401,561 and 170,470 options, warrants and unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because of a net loss or their exercise price was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive.