Earnings Per Share of Common Stock

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE OF COMMON STOCK

NOTE 5 — EARNINGS PER SHARE OF COMMON STOCK

Basic earnings (loss) per share (“EPS”) of common stock is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share of common stock is computed by dividing net income available to common shareholders by the weighted average number of common shares and potential common shares outstanding during the period. Stock options, warrants and restricted common shares are regarded as potential common shares. Potential common shares are computed using the treasury stock method. For the periods from July 1, 2011 to September 7, 2011 and from January 1, 2011 to September 7, 2011, 976,659 options and warrants are excluded from the effect of dilutive securities because they are anti-dilutive, given the Predecessor’s net loss available to common shareholders; 1,017,645 options are similarly excluded from the effect of dilutive securities for the three and nine months ended September 30, 2010. For the period from September 8, 2011 through September 30, 2011, though the Successor Company generated net income available to common shareholders, 341,115 options continue to be excluded from the effect of dilutive securities because the options’ exercise prices exceed current market prices.

The following is a reconciliation of the numerators and denominators used in the basic and diluted earnings per share computations:

	Successor
	Company		Predecessor Company
	Sept 8 - Sept 30					Three Months Ended
	2011		July 1 - Sept 7, 2011			Sept. 30, 2010
Basic Earnings (loss) Per Share
Net income (loss)	$	930	$	(20,074	)	$	(35,154	)
Less: preferred stock dividends and accretion of discount on warrants		—		909			1,251
Plus: Gain on retirement of Series A preferred allocated to common shareholders		—		11,188			—
Net income (loss) available to common shareholders	$	930	$	(9,795	)	$	(36,405	)
Weighted average common shares outstanding		133,083,705		13,145,744			13,097,611
Basic earnings (loss) per share available to common shareholders		0.01		(0.75	)		(2.78	)
Diluted Earnings (loss) Per Share
Net income (loss)	$	930	$	(20,074	)	$	(35,154	)
Less: preferred stock dividends and accretion of discount on warrants		—		909			1,251
Plus: Gain on retirement of Series A preferred allocated to common shareholders		—		11,188			—
Net income (loss) available to common shareholders	$	930	$	(9,795	)	$	(36,405	)
Weighted average common shares outstanding		133,083,705		13,145,744			13,097,611
Add: Dilutive effects of assumed conversions of restricted stock and exercises of stock options and warrants		90,665		—			—
Weighted average common and dilutive potential common shares outstanding		133,174,370		13,145,744			13,097,611
Diluted earnings (loss) per share available to common shareholders		0.01		(0.75	)		(2.78	)

	Successor
	Company		Predecessor Company
	Sept 8 - Sept 30		Jan. 1 - Sept. 7			Nine Months Ended
	2011		2011			Sept. 30, 2010
Basic Earnings (loss) Per Share
Net income (loss)	$	930	$	(41,519	)	$	(29,147	)
Less: preferred stock dividends and accretion of discount on warrants		—		3,409			3,751
Plus: Gain on retirement of Series A preferred allocated to common shareholders		—		11,188			—
Net income (loss) available to common shareholders	$	930	$	(33,740	)	$	(32,898	)
Weighted average common shares outstanding		133,083,705		13,125,521			13,092,579
Basic earnings (loss) per share available to common shareholders		0.01		(2.57	)		(2.51	)
Diluted Earnings (loss) Per Share
Net income (loss)	$	930	$	(41,519	)	$	(29,147	)
Less: preferred stock dividends and accretion of discount on warrants		—		3,409			3,751
Plus: Gain on retirement of Series A preferred allocated to common shareholders		—		11,188			—
Net income (loss) available to common shareholders	$	930	$	(33,740	)	$	(32,898	)
Weighted average common shares outstanding		133,083,705		13,125,521			13,092,579
Add: Dilutive effects of assumed conversions of restricted stock and exercises of stock options and warrants		90,665		—			—
Weighted average common and dilutive potential common shares outstanding		133,174,370		13,125,521			13,092,579
Diluted earnings (loss) per share available to common shareholders		0.01		(2.57	)		(2.51	)