XML 61 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Basic earnings per share of the Company is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, the diluted earnings per share calculation calculated using the treasury stock method includes the impact of stock units, shares of non-vested restricted stock and shares that could be issued under outstanding stock options.
The following table provides a reconciliation of the common shares used for basic earnings per share and diluted earnings per share (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Weighted average number of common shares used for basic earnings per share (a)
26,206

 
25,993

 
26,181

 
25,970

Effect of potential dilutive shares (b)
—

 
—

 
—

 
—

Weighted average number of common shares and potential dilutive shares used for diluted earnings per share
26,206

 
25,993

 
26,181

 
25,970

Anti-dilutive shares outstanding at period-end that are excluded from the above reconciliation (c)
5,300

 
4,853

 
5,300

 
4,853

(a)
Weighted average number of common shares used for basic earnings per share excludes 275,188, 242,844, 283,357 and 246,351 weighted average shares of non-vested restricted stock as of the three months ended September 30, 2013 and 2012 and the nine months ended September 30, 2013 and 2012, respectively. Non-vested restricted stock is included in common shares issued and outstanding in the condensed consolidated balance sheets.
(b)
Since the Company incurred a loss for the three and nine months ended September 30, 2013 and 2012, all potentially dilutive securities are anti-dilutive for these periods and, therefore, are excluded from the determination of diluted earnings per share.
(c)
Anti-dilutive shares outstanding at period-end that are excluded from the above reconciliation include warrants, non-vested restricted stock and stock options issued under the FairPoint Communications, Inc. 2010 Long Term Incentive Plan.