Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2012

Earnings Per Share ("EPS") [Abstract]

Earnings Per Share ("EPS")

12. Earnings Per Share (“EPS”)

For all periods presented, the Company has disclosed basic and diluted earnings per common share utilizing the two-class method. Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. The Company allocates undistributed net income between each class of common stock on an equal basis as required pursuant to the Company’s Third Amended and Restated Charter.

Non-vested restricted shares of Class A common stock, the Company Warrants and the CMP Restated Warrants are considered participating securities for purposes of calculating basic weighted average common shares outstanding in periods in which the Company records net income available to common shareholders. Diluted earnings per share is computed in the same manner as basic earnings per share after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes stock options and certain warrants to purchase common stock. Antidilutive instruments are not considered in this calculation. Under the two-class method, net income is allocated to common stock and participating securities to the extent that each security may share in earnings, as if all of the earnings for the period had been distributed. Because the Company has not historically paid dividends to common stockholders, earnings are allocated to each participating security and common share equally, after deducting dividends declared on the Series A Preferred Stock. The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2012 and 2011 (amounts in thousands, except per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Basic (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from continuing operations	$	(1,763	)	$	(811	)	$	(14,362	)	$	13,433
Less:
Dividends declared		4,375			—			7,708			—
Accretion of redeemable preferred stock		1,852			—			4,620			—
Participation rights of unvested restricted stock in undistributed earnings		—			—			—			542
Basic undistributed net (loss) income from continuing operations - attributable to common shares	$	(7,990	)	$	(811	)	$	(26,690	)	$	12,891
Denominator:
Basic weighted average shares outstanding		157,711			40,762			153,540			40,668
Basic (loss) income from continuing operations common shares per share - attributable to common shares	$	(0.05	)	$	(0.02	)	$	(0.17	)	$	0.32
Diluted (Loss) Earnings Per Share:
Numerator:
Undistributed net (loss) income from continuing operations	$	(1,763	)	$	(811	)	$	(14,362	)	$	13,433
Less:
Dividends declared		4,375			—			7,708			—
Accretion of redeemable preferred stock		1,852			—			4,620			—
Participation rights of unvested restricted stock in undistributed earnings		—			—			—			529
Basic undistributed net (loss) income from continuing operations - attributable to common shares	$	(7,990	)	$	(811	)	$	(26,690	)	$	12,904
Denominator:
Basic weighted average shares outstanding		157,711			40,762			153,540			40,668
Effect of dilutive options and warrants		—			—			—			1,058
Diluted weighted average shares outstanding		157,711			40,762			153,540			41,726
Diluted (loss) earnings from continuing operations common shares per share - attributable to common shares	$	(0.05	)	$	(0.02	)	$	(0.17	)	$	0.31

Potentially dilutive equivalent shares outstanding for the three and six months ended June 30, 2012 consist of approximately 56.2 million and 57.6 million, respectively, additional shares of common stock related to outstanding warrants to purchase common stock, which were excluded from the computation of diluted weighted average shares outstanding as their effect was antidilutive. Potentially dilutive equivalent shares outstanding for the three months ended June 30, 2011 consist of additional shares of common stock related to 1.8 million restricted shares, 0.8 million warrants and 0.2 million stock options, which were excluded from the computation of diluted weighted average shares outstanding as their effect was antidilutive. There were no potentially dilutive equivalent shares related to restricted stock, stock options or warrants for the six months ended June 30, 2011.

Revisions to Prior Period Financial Statements

In connection with the preparation of the Company’s Condensed Consolidated Financial Statements for three and six months ended June 30, 2012, the Company identified an error in the manner in which earnings per share was calculated. Upon completion of the Company’s evaluation of the earnings per share calculation, it was determined that the weighted average shares outstanding used in the denominator of the earnings per share calculation was improperly calculated.

In accordance with accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 99, Materiality), the Company assessed the materiality of the errors and concluded that the errors were not material to any of the Company’s previously issued financial statements. As permitted by the accounting guidance found in ASC 250-10 (SEC Staff a Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Company elected to present revised financial information for the three and nine months ended September 30, 2011, and the year ended December 31, 2011. The error had no impact on any other periods previously presented.

The following tables present the effect of this revision on earnings per share for all periods affected:

	Three Months Ended September 30, 2011						Nine Months Ended September 30, 2011
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Basic income per common share	$	0.64	$	0.14	$	0.78	$	1.27	$	0.15	$	1.42
Diluted income per common share	$	0.60	$	0.12	$	0.72	$	1.21	$	0.14	$	1.35
	Year Ended December 31, 2011
	As Previously Reported		Adjustment		As Revised
Basic income per common share	$	0.48	$	0.14	$	0.62
Diluted income per common share	$	0.46	$	0.13	$	0.59