| Earnings Per Share |
12. EARNINGS PER SHARE
The following table presents information necessary to calculate basic and diluted earnings per share (in thousands of dollars, except share and per share amounts):
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Year Ended September 30, |
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2011 |
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2010 |
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2009 |
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Income (Loss) from Continuing Operations |
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$ |
(53,393 |
) |
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$ |
136,860 |
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$ |
(23,827 |
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Average Shares Outstanding |
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11,899,820 |
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11,805,587 |
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11,721,357 |
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Effect of Incremental Shares Issuable from Assumed Exercise of Stock Options, Warrants and Nonvested Restricted Stock Under the Treasury Stock Method(1) |
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— |
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276,413 |
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— |
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Adjusted Average Shares |
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11,899,820 |
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12,082,000 |
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11,721,357 |
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Diluted EPS—Continuing Operations |
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$ |
(4.49 |
) |
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$ |
11.33 |
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$ |
(2.03 |
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Income (Loss) from Discontinued Operations |
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$ |
— |
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$ |
— |
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$ |
644 |
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Average Shares Outstanding |
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11,899,820 |
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11,805,587 |
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11,721,357 |
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Effect of Incremental Shares Issuable from Assumed Exercise of Stock Options, Warrants and Nonvested Restricted Stock Under the Treasury Stock Method(1) |
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— |
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276,413 |
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— |
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Adjusted Average Shares |
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11,899,820 |
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12,082,000 |
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11,721,357 |
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Diluted EPS—Discontinued Operations |
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$ |
0.00 |
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$ |
0.00 |
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$ |
0.05 |
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Net Income (Loss) |
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$ |
(53,393 |
) |
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$ |
136,860 |
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$ |
(23,183 |
) |
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Average Shares Outstanding |
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11,899,820 |
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11,805,587 |
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11,721,357 |
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Effect of Incremental Shares Issuable from Assumed Exercise of Stock Options, Warrants and Nonvested Restricted Stock Under the Treasury Stock Method(1) |
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— |
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276,413 |
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— |
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Adjusted Average Shares |
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11,899,820 |
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12,082,000 |
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11,721,357 |
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Diluted EPS—Net Income (Loss) |
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$ |
(4.49 |
) |
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$ |
11.33 |
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$ |
(1.98 |
) |
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| (1) |
The computation of diluted EPS for the year ended September 30, 2010 includes 44,037 options and 232,376 restricted stock shares and excludes 4,735 antidilutive restricted stock shares. No assumed option exercises or restricted stock share issuances were included in the computation of diluted EPS for the years ended September 30, 2011 and 2009, because doing so would have an antidilutive effect on the computation of diluted earnings per share. The computations exclude 471,054 and 430,547 antidilutive aggregate of unexercised stock options and nonvested restricted stock for the years ended September 30, 2011 and 2009. | |