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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share
9. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2011     2010     2011      2010  

Numerator:

          

Net income (loss) available to common shareholders

    $ (496 )    $ (8,821 )    $ 6,667       $ (9,554 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Denominator:

          

Basic weighted average shares outstanding

      15,427,437        15,206,561        15,373,132         15,179,618   

Effect of dilutive securities: SARs and options

      —         —         480,297         —    

Convertible notes

      —          —          562,139         —     

Restricted stock

      —          —          46,106         —     
  

 

 

    

 

 

    

 

 

     

 

 

  

Diluted weighted average shares outstanding

      15,427,437        15,206,561        16,461,674         15,179,618   
  

 

 

    

 

 

    

 

 

     

 

 

  

Basic earnings (loss) per share

    $ (0.03 )    $ (0.58 )    $ 0.43       $ (0.63 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Diluted earnings (loss) per share

    $ (0.03 )    $ (0.58 )    $ 0.41       $ (0.63 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

The Company has excluded the dilutive effect of stock options, stock appreciation rights, convertible notes and restricted stock for the three months ended September 30, 2011 and the three and nine months ended September 30, 2010, due to a net operating loss for these periods. As a result of the year-to-date average stock price exceeding the conversion price of $21.78, the Company included 562,139 additional shares related to the convertible notes in the diluted weighted average common shares outstanding for the nine months ended September 30, 2011.