13.
EARNINGS
PER COMMON SHARE
The table below displays the
calculation of basic and diluted (loss) earnings per
share.
Basic
and Diluted (Loss) Earnings per Common Share
(Amounts
in thousands, except per share data)
|
|
|
Years
Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
Net
(loss) income
|
|
$
|
(21,054
|
)
|
|
$
|
36,563
|
|
|
$
|
(9,684
|
)
|
|
Preferred
dividends
|
|
|
-
|
|
|
|
(8,658
|
)
|
|
|
(9,650
|
)
|
|
Accretion
on preferred stock (1)
|
|
|
-
|
|
|
|
(2,118
|
)
|
|
|
(649
|
)
|
|
Net
loss (income) applicable to non-vested restricted
shares
|
|
|
306
|
|
|
|
(350
|
)
|
|
|
266
|
|
|
Net
(loss) income applicable to common shares
|
|
$
|
(20,748
|
)
|
|
$
|
25,437
|
|
|
$
|
(19,717
|
)
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
|
|
73,665
|
|
|
|
73,289
|
|
|
|
72,422
|
|
|
Dilutive
effect of common stock equivalents
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
Weighted-average
diluted common shares outstanding
|
|
|
73,666
|
|
|
|
73,289
|
|
|
|
72,422
|
|
|
Basic
(loss) earnings per common share
|
|
$
|
(0.28
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.27
|
)
|
|
Diluted
(loss) earnings per common share
|
|
$
|
(0.28
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.27
|
)
|
|
Anti-dilutive
shares not included in the computation of diluted
earnings per
common share (2)
|
|
|
1,759
|
|
|
|
3,511
|
|
|
|
3,823
|
|
|
(1)
|
Includes
$1.5 million in accelerated amortization related to
the redemption of preferred stock during the year
ended December 31, 2011.
|
|
(2)
|
Represents
outstanding stock options (and a common stock warrant
during the years ended December 31, 2011 and 2010)
for which the exercise price is greater than the
average market price of the Company’s common
stock.
|
|