Note 13 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

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.