Earnings Per Share | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE |
3. EARNINGS PER SHARE
Net income (loss) per share-basic is calculated as net income (loss) available to common
stockholders divided by the weighted average number of common shares outstanding during the period,
including nonvested restricted stock which has nonforfeitable dividend rights. Net income (loss)
per share-diluted is calculated as net (income) loss available to common stockholders divided by
the diluted weighted average number of common shares outstanding during the period. Diluted
weighted average number of common shares uses the same weighted average share number as in the
basic calculation and adds the potential dilution that would occur if stock options (or any other
contracts to issue common stock) were exercised and resulted in additional common shares
outstanding, calculated using the treasury stock method. The numerator is reduced for the effect
of preferred dividends in both the basic and diluted net income (loss) per share calculations.
Weighted average shares-basic and diluted for the three and nine months ending September 30, 2011
and 2010 are as follows (in thousands):
Stock options are dilutive when the average market price of the Company’s stock during
the period exceeds the option exercise price. However, in periods where the Company is in a net
loss position, the dilutive effect of stock options is not included in the diluted weighted average
shares total.
Anti-dilutive stock options represent stock options which are outstanding but which are not
exercisable during the period because the exercise price exceeded the average market value of the
Company’s stock. These anti-dilutive stock options are not included in the current calculation of
dilutive weighted average shares, but could be dilutive in the future. Total weighted average
anti-dilutive stock options for each of the periods are as follows (in thousands):
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