Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Earnings (Loss) Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 16 – EARNINGS (LOSS) PER SHARE

The factors used in the earnings (loss) per share computation follow:

	2011		2010			2009
Basic
Net income (loss) attributable to common shares	$	36,142,000	$	(14,611,000	)	$	(52,889,000	)
Weighted average common shares outstanding		8,602,845		8,507,572			8,489,679
Basic earnings (loss) per common share	$	4.20	$	(1.72	)	$	(6.23	)
Diluted
Net income (loss) attributable to common shares	$	36,142,000	$	(14,611,000	)	$	(52,889,000	)
Weighted average common shares outstanding for basic earnings (loss) per common share		8,602,845		8,507,572			8,489,679
Add: Dilutive effects of share-based awards		275,335		0			0
Average shares and dilutive potential common shares		8,878,180		8,507,572			8,489,679
Diluted earnings (loss) per common share	$	4.07	$	(1.72	)	$	(6.23	)

Stock options for approximately 167,000 shares of common stock were antidilutive and were not included in determining dilutive earnings per share in 2011.

Due to our net loss in 2010, approximately 74,000 unvested restricted shares were not included in determining both basic and diluted earnings per share. In addition, stock options and a stock warrant for approximately 262,000 and 616,000 shares of common stock, respectively, were antidilutive and were not included in determining diluted earnings per share.

Due to our net loss in 2009, approximately 91,000 unvested restricted shares were not included in determining both basic and diluted earnings per share. In addition, stock options and a stock warrant for approximately 294,000 and 616,000 shares of common stock, respectively, were antidilutive and were not included in determining diluted earnings per share.

Weighted average diluted common shares outstanding equals the weighted average basic common shares outstanding during 2010 and 2009 due to the net losses recorded during those periods.