Earnings (Loss) Per Share

9 Months Ended

Dec. 31, 2011

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

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 December 31						Nine months ended December 31
(In thousands, except per share amounts)	2011			2010			2011			2010
Numerator:
Loss from continuing operations - basic and diluted	$	(5,774	)	$	(2,290	)	$	(16,208	)	$	(15,498	)
(Loss) income for discontinued operations - basic and diluted		(735	)		4,288			10,403			5,030
Net (loss) income - basic and diluted	$	(6,509	)	$	1,998		$	(5,805	)	$	(10,468	)
Denominator:
Weighted average shares outstanding - basic		22,148			22,753			22,650			22,751
Effect of dilutive securities:
Share-based compensation awards		—			—			—			—
Weighted average shares outstanding - diluted		22,148			22,753			22,650			22,751
(Loss) income per share - basic and diluted:
Loss from continuing operations	$	(0.26	)	$	(0.10	)	$	(0.72	)	$	(0.68	)
(Loss) income from discontinued operations		(0.03	)		0.19			0.46			0.22
Net (loss) income	$	(0.29	)	$	0.09		$	(0.26	)	$	(0.46	)

Basic earnings (loss) per share is computed as net income (loss) available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 115,969 of restricted shares at December 31, 2011 and 246,391 of restricted shares and performance shares (including reinvested dividends) at December 31, 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. 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 nine months ended December 31, 2011 and 2010, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.

For each of the three and nine months ended December 31, 2011, stock options and SSARs on 2.0 million common shares were not included in computing diluted earnings per share because their effects were anti-dilutive. For each of the three and nine months ended December 31, 2010, stock options and SSARs on 2.8 million common shares were not included in computing diluted earnings per share because their effects were anti-dilutive.