Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

4. Earnings (Loss) Per Share

A company that has participating security holders (for example, unvested restricted stock that has nonforfeitable dividend rights) is required to utilize the two-class method for purposes of calculating earnings (loss) per share ("EPS"). The two-class method is an allocation of earnings/(loss) between the holders of common stock and a company's participating security holders. Under the two-class method, earnings/(loss) for the reporting period are allocated between common shareholders and other security holders, based on their respective rights to receive distributed earnings (i.e., dividends) and undistributed earnings (i.e., net income or loss). Currently, the Company has one class of security and has participating security holders consisting of shareholders of unvested restricted stock. The basic and diluted EPS calculations are shown below.

	Three Months Ended March 31,
	2012			2011
	(Dollars in thousands, except per share amounts)
Basic and Diluted Earnings (Loss) Per Common Share:
Net income (loss)	$	2,265		$	(19,879	)
Less: distributed and undistributed earnings allocated to participating securities		(160	)		(159	)
Earnings (loss) attributable to common stockholders	$	2,105		$	(20,038	)
Basic weighted-average shares outstanding		47,311,840			46,716,562
Dilutive effect of common stock equivalents		263,630			—
Diluted weighted-average common shares outstanding,assuming conversion of common stock equivalents		47,575,470			46,716,562
Basic Earnings (Loss) Per Common Share	$	0.04		$	(0.43	)
Diluted Earnings (Loss) Per Common Share	$	0.04		$	(0.43	)

Diluted EPS includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Common stock equivalents include most stock options and unvested restricted stock. Unvested performance-based stock options of 0.3 million were excluded from the calculation of diluted EPS as the performance-based conditions were not met at March 31, 2012. Diluted EPS for the three months ended March 31, 2011 excluded approximately 5.0 million shares of common stock equivalents because the effect of their inclusion would be anti-dilutive, or would decrease the reported loss per share. Using the treasury stock method, the weighted-average common stock equivalents included in diluted EPS was 0.3 million shares during the three months ended March 31, 2012.