Note 13 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Text Block]

13.   EARNINGS PER COMMON SHARE

The table below displays the calculation of basic and diluted earnings per share.

Basic and Diluted Earnings per Common Share

(Amounts in thousands, except per share data)

	Years Ended December 31,
	2011			2010			2009
Net income (loss)	$	36,563		$	(9,684	)	$	(25,750	)
Preferred dividends		(8,658	)		(9,650	)		(9,650	)
Accretion on preferred stock (1)		(2,118	)		(649	)		(615	)
Net (income) loss applicable to non-vested restricted shares		(350	)		266			464
Net income (loss) applicable to common shares	$	25,437		$	(19,717	)	$	(35,551	)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding (basic)		73,289			72,422			50,034
Dilutive effect of Common Stock equivalents		-			-			-
Weighted-average diluted common shares outstanding		73,289			72,422			50,034
Basic earnings (loss) per common share	$	0.35		$	(0.27	)	$	(0.71	)
Diluted earnings (loss) per common share	$	0.35		$	(0.27	)	$	(0.71	)
Anti-dilutive shares not included in the computation of diluted earnings per common share (2)		3,511			3,823			3,993

(1)	Includes $1.5 million in accelerated accretion related to the redemption of the Preferred Shares.
(2)	Represents outstanding stock options and the Warrant for which the exercise price is greater than the average market price of the Company’s Common Stock.