Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 12. EARNINGS PER COMMON SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings (loss) per share calculation relate to our outstanding stock options and restricted stock awards.

We determine the dilutive effect of our outstanding stock options using the “treasury stock” method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average fair market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average fair market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.

The components of basic and diluted earnings (loss) per share were as follows:

Years ended December 31	2011				2010				2009
(In Thousands Except Per Share Data)	Basic		Diluted		Basic		Diluted		Basic			Diluted
Net income (loss)	$	11	$	11	$	47,513	$	47,513	$	(10,441	)	$	(10,441	)
Weighted-average common shares outstanding	25,879		25,879		26,318		26,318		26,590			26,590
Add dilutive effect of restricted stock awards	—		50		—		19		—			—
Add dilutive effect of stock options	—		30		—		1		—			—
Weighted-average common shares for EPS calculation	25,879		25,959		26,318		26,338		26,590			26,590
Earnings (loss) per share	$	—	$	—	$	1.81	$	1.80	$	(0.39	)	$	(0.39	)
Awards excluded from diluted EPS calculation (1)	—		989		—		806		—			932

(1) Outstanding awards were excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive.