Earnings Per Share

9 Months Ended

Sep. 30, 2012

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,
	2012			2011			2012		2011
Numerator:
Net income (loss) available to common shareholders	$	(14,312	)	$	(496	)	$	6,339	$	6,667
Denominator:
Basic weighted average shares outstanding		16,677,159			15,427,437			15,910,300		15,373,132
Effect of dilutive securities:
SARs and options		—			—			421,539		480,297
Convertible notes		—			—			643,978		562,139
Restricted stock		—			—			35,889		46,106
Diluted weighted average shares outstanding		16,677,159			15,427,437			17,011,706		16,461,674
Basic earnings (loss) per share	$	(0.86	)	$	(0.03	)	$	0.40	$	0.43
Diluted earnings (loss) per share	$	(0.86	)	$	(0.03	)	$	0.37	$	0.41

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. For the three months ended September 30, 2012 and 2011, 342,342 and 308,037 shares of restricted stock and stock options, respectively, and 941,914 and 1,172,011 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. For the nine months ended September 30, 2012 and 2011, 201,626 and 219,071 shares of restricted stock and stock options, respectively, and 418,694 and 434,719 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.