Net (Loss) Income per Share

6 Months Ended

Jun. 30, 2011

Net (Loss) Income per Share

Net (Loss) Income per Share

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.