Earnings (Loss) Per Share

6 Months Ended

Sep. 30, 2011

Earnings (Loss) Per Share [Abstract]

9. Earnings (Loss) Per Share

The following data show the amounts used in computing earnings (loss) per share and the effect on income and the weighted average number of dilutive potential common shares:


	Three months ended September 30						Six months ended September 30
	2011			2010			2011			2010
Numerator:
Loss from continuing operations - basic and diluted	$	(3,238	)	$	(4,916	)	$	(8,678	)	$	(13,208	)
Income from discontinued operations - basic and diluted		10,487			2,702			11,138			742

Net income (loss) - basic and diluted	$	7,249		$	(2,214	)	$	2,460		$	(12,466	)

Denominator:
Weighted average shares outstanding - basic		22,853			22,750			22,903			22,750
Effect of dilutive securities:
Share-based compensation awards		—			—			—			—

Weighted average shares outstanding - diluted		22,853			22,750			22,903			22,750

Income (loss) per share - basic and diluted:
Loss from continuing operations	$	(0.14	)	$	(0.22	)	$	(0.38	)	$	(0.58	)
Income from discontinued operations		0.46			0.12			0.49			0.03

Net income (loss)	$	0.32		$	(0.10	)	$	0.11		$	(0.55	)

Basic earnings (loss) per share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 135,668 of restricted shares at September 30, 2011 and 223,532 of restricted shares and performance shares (including reinvested dividends) at September 30, 2010, as these shares were issued but were not vested and, therefore, not considered outstanding for purposes of computing basic earnings per share at the balance sheet dates. Diluted earnings (loss) per share is computed by sequencing each series of potential issuance of common shares from the most dilutive to the least dilutive. Diluted earnings (loss) per share is determined as the lowest earnings or highest loss per incremental share in the sequence of potential common shares. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation awards because doing so would be anti-dilutive to the loss per share. In addition, when a loss from continuing operations is reported, adjusting the denominator of diluted earnings per share would also be anti-dilutive to the loss per share, even if an entity has net income after adjusting for a discontinued operation. Therefore, for each of the three and six months ended September 30, 2011 and 2010, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.

For each of the three and six months ended September 30, 2011, stock options and SSARs on 2.6 million common shares were not included in computing diluted earnings per share because their effects were anti-dilutive. For each of the three and six months ended September 30, 2010, stock options and SSARs on 3.4 million common shares were not included in computing diluted earnings per share because their effects were anti-dilutive.