(Loss) Earnings Per Share

3 Months Ended

Jun. 30, 2012

(Loss) Earnings per Share [Abstract]

(Loss) Earnings per Share

8. (Loss) Earnings per Share

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

	Three months ended June 30,
(In thousands, except per share data)	2012			2011
Numerator:
Loss from continuing operations – basic and diluted	$	(1,793	)	$	(6,879	)
Income from discontinued operations – basic and diluted		—			651
Net loss - basic and diluted	$	(1,793	)	$	(6,228	)
Denominator:
Weighted average shares outstanding – basic and diluted		21,836			22,953
(Loss) earnings per share – basic and diluted:
Loss from continuing operations	$	(0.08	)	$	(0.30	)
Income from discontinued operations	$	—		$	0.03
Net loss per share	$	(0.08	)	$	(0.27	)

Basic (loss) earnings 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 233,357 and 10,000 of restricted shares and performance shares at June 30, 2012 and 2011, respectively, 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. 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 the entity has net income after adjusting for a discontinued operation. Therefore, for the three months ended June 30, 2012 and 2011, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.

For the three months ended June 30, 2012 and 2011, stock options and SSARs on 1.7 million and 3.2 million common shares, respectively, were not included in computing diluted earnings per share because their effects were anti-dilutive.