| Schedule of earnings per share reconciliation |
The following is a reconciliation of the basic and diluted net loss (earnings) per share computation:
| | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2012 | | 2011 | | 2012 | | 2011 | Net (loss) income for basic earnings per share | $ | (4,346,557 | ) | | $ | 23,841,926 |
| | $ | (8,399,450 | ) | | $ | 19,140,652 |
| Change in fair value of warrants | — |
| | 2,039,851 |
| | — |
| | 3,802,809 |
| Net (loss) income, adjusted for change in fair value of warrants for diluted earnings per share | $ | (4,346,557 | ) | | $ | 21,802,075 |
| | $ | (8,399,450 | ) | | $ | 15,337,843 |
| Weighted-average shares | 51,638,352 |
| | 50,879,599 |
| | 51,638,061 |
| | 50,422,014 |
| Effect of potential common shares | — |
| | 3,791,804 |
| | — |
| | 4,085,824 |
| Weighted-average shares: diluted | 51,638,352 |
| | 54,671,403 |
| | 51,638,061 |
| | 54,507,838 |
| (Loss) earning per share: basic | $ | (0.08 | ) | | $ | 0.47 |
| | $ | (0.16 | ) | | $ | 0.38 |
| (Loss) earning per share: diluted | $ | (0.08 | ) | | $ | 0.40 |
| | $ | (0.16 | ) | | $ | 0.28 |
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| Schedule of antidilutive securities excluded from computation of earnings per share |
The Company incurred losses for the three and six months ended June 30, 2012, whereas for the three and six months ended June 30, 2011, the Company had net income. For all periods presented, certain equity instruments are excluded from the calculation of diluted loss per share as the effect of such shares is anti-dilutive, as follows: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2012 | | 2011 | | 2012 | | 2011 | Stock Options: | | | | | | | | Weighted average number | 2,830,810 |
| | 265,889 |
| | 2,815,345 |
| | 221,124 |
| Weighted average exercise price | $ | 4.36 |
| | $ | 12.89 |
| | $ | 4.37 |
| | $ | 11.89 |
| | | | | | | | | Stock-Settled Stock Appreciation Rights: | | | | | | | | Weighted average number | 461,462 |
| | — |
| | 377,913 |
| | — |
| Weighted average exercise price | $ | 3.53 |
| | — |
| | $ | 3.53 |
| | — |
| | | | | | | | | Restricted Stock Units: | | | | | | | | Weighted average number | 372,637 |
| | — |
| | 240,824 |
| | — |
| | | | | | | | | Warrants: | | | | | | | | Weighted average number | 2,253,902 |
| | — |
| | 2,273,281 |
| | — |
| Weighted average exercise price | $ | 3.30 |
| | — |
| | $ | 3.29 |
| | — |
|
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