Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share, Diluted, Other Disclosures [Abstract]

Earnings Per Share

Earnings Per Share

Basic net loss per share, or basic earnings/(loss) per share (“EPS”), is computed by dividing net loss to common shareholders by the weighted average number of common shares outstanding for the period. FNB retired its preferred stock in 2011 and there were no unpaid preferred dividends or accretion of preferred stock discount at March 31, 2012. At March 31, 2011, FNB had $2.9 million of unpaid cumulative dividends on its Series A preferred stock and had $0.2 million in accretion of the discount on the preferred stock.

Diluted EPS reflects the potential dilution that could occur if FNB's potential common stock, which consists of dilutive stock options and a common stock warrant, were issued. As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note.

(dollars in thousands, except per share data)	Three Months Ended March 31,
	2012			2011
Net loss from continuing operations before cumulative dividends on preferred stock	$	(10,832	)	$	(40,015	)
Dividends on preferred stock	—			(1,020		)
Loss from continuing operations, net of tax	(10,832		)	(41,035		)
Loss from discontinued operations, net of tax	(27		)	(3,693		)
Net loss to common shareholders	$	(10,859	)	$	(44,728	)
Weighted average number of common shares outstanding - basic and diluted	21,102,465			114,247
Net loss per common share from continuing operations - basic and diluted	$	(0.51	)	$	(359.18	)
Net loss per common share from discontinued operations - basic and diluted	—			(32.32		)
Net loss per common share - basic and diluted	(0.51		)	(391.50		)

As a result of the net loss for the three months ended March 31, 2012 and 2011, all stock options and the common stock warrant were considered antidilutive and thus are not included in this calculation. For the three months ended March 31, 2012 and 2011, there were 23,310 and 27,421 antidilutive shares, respectively. Of the antidilutive shares, the number of shares relating to stock options were 1,238 at March 31, 2012 and 5,349 March 31, 2011.

Net loss to common shareholders increased for the three months ended March 31, 2011 by $1.0 million for preferred stock dividends. Accretion on the preferred stock discount associated with the preferred stock of $0.2 million was recognized for the three months ended March 31, 2011. FNB retired its preferred stock in 2011 and there were no preferred stock dividends or accretion on the preferred stock discount for the three months ended March 31, 2012.