|
12. Net (Loss) Income per Share
The computation of the Company’s basic and diluted net (loss) income per share is as follows:
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
(In thousands, except per share data) |
|
|
Numerator for basic and dilutive income—per common share: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
348 |
|
$ |
14,041 |
|
$ |
30,047 |
|
$ |
33,712 |
|
|
Less: Series A Preferred Stock dividends |
|
— |
|
(5,700 |
) |
— |
|
(11,460 |
) |
|
Less: Accretion of Series B Preferred Stock |
|
(639 |
) |
(603 |
) |
(1,268 |
) |
(1,198 |
) |
|
Less: Net (loss) income allocated to unvested participating restricted stock |
|
7 |
|
(296 |
) |
(846 |
) |
(801 |
) |
|
Net (loss) income available to common stockholders— basic |
|
(284 |
) |
7,442 |
|
27,933 |
|
20,253 |
|
|
Effect of unvested participating restricted stock in two-class calculation |
|
— |
|
5 |
|
17 |
|
16 |
|
|
Net (loss) income available to common stockholders— diluted |
|
$ |
(284 |
) |
$ |
7,447 |
|
$ |
27,950 |
|
$ |
20,269 |
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
Weighted average outstanding shares of common stock |
|
18,072 |
|
17,226 |
|
17,884 |
|
17,119 |
|
|
Dilutive effect of: |
|
|
|
|
|
|
|
|
|
|
Stock options |
|
— |
|
334 |
|
396 |
|
357 |
|
|
Common stock and common stock equivalents |
|
18,072 |
|
17,560 |
|
18,280 |
|
17,476 |
|
|
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
$ |
0.43 |
|
$ |
1.56 |
|
$ |
1.18 |
|
|
Diluted |
|
$ |
(0.02 |
) |
$ |
0.42 |
|
$ |
1.53 |
|
$ |
1.16 |
|
The effect of adding 624,000 and 590,000 shares from the assumed conversion of Series B Convertible Preferred stock to the denominator and the related add-back of the dividends on Series B Convertible Preferred stock to the numerator is anti-dilutive for the three months and six months ended June 30, 2011 and 2010, respectively.
|