EX-11.EX11.1 2 december312011exhibit11.htm COMPUTATION OF EARNING PER SHARE December 31 2011 Exhibit 11


EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except share data)
(Unaudited)




 
 
Three Months Ended
 
Nine Months Ended
 
 
December 31,
 
December 31,
 
 
2011
2010
 
2011
2010
Loss per common share - basic
 
 
 
 
 
 
Net loss
 
$
(680
)
$
(8,188
)
 
$
(16,260
)
$
(34,041
)
Less: Capital Purchased Program "CPP" Preferred Dividends (1)
 
—

82

 
288

588

Dividends paid and undistributed (losses)/earnings allocated to participating securities
 
 
(59
)
 
—

(248
)
Net Loss Available to Common Shareholders
 
$
(680
)
$
(8,211
)
 
$
(16,548
)
$
(34,381
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
2,621,340

165,619

 
984,348

165,557

 
 
 
 
 
 
 
Loss per common share (2)
 
$
(0.26
)
$
(49.58
)
 
$
(16.81
)
$
(207.67
)
Diluted Loss per common share
 
N/A

N/A

 
N/A

N/A


(1) Includes $96 of accrued preferred dividends from the three month period ended March 31, 2011
(2) Common share count for all periods presented reflects a 1 for 15 reverse stock split which was effective on October 27, 2011