Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 3 — Earnings Per Share

A reconciliation between basic and diluted earnings per share computations (in thousands, except per share amounts) is as follows:

	Loss			Shares		Per
For the Three Months Ended June 30, 2011	(Numerator)			(Denominator)		Share Amount
BASIC EPS
Net loss available to common stockholders	$	(3,045	)		61,917	$	(0.05	)
Effect of dilutive securities:
Stock options		—			—
Restricted stock		—			—
Series B preferred stock		—			—
DILUTED EPS	$	(3,045	)		61,917	$	(0.05	)

	Income			Shares		Per
For the Three Months Ended June 30, 2010	(Numerator)			(Denominator)		Share Amount
Net income available to common stockholders	$	5,248			61,425
Attributable to participating securities		(145	)		—
BASIC EPS	$	5,103			61,425	$	0.08
Net income available to common stockholders	$	5,248			61,425
Effect of dilutive securities:
Stock options		—			381
Restricted stock		—			615
DILUTED EPS	$	5,248			62,421	$	0.08

	Loss			Shares		Per
For the Six Months Ended June 30, 2011	(Numerator)			(Denominator)		Share Amount
BASIC EPS
Net loss available to common stockholders	$	(1,148	)		61,793	$	(0.02	)
Effect of dilutive securities:
Stock options		—			—
Restricted stock		—			—
Series B preferred stock		—			—
DILUTED EPS	$	(1,148	)		61,793	$	(0.02	)

	Income			Shares		Per
For the Six Months Ended June 30, 2010	(Numerator)			(Denominator)		Share Amount
Net income available to common stockholders	$	34,965			61,335
Attributable to participating securities		(891	)		—
BASIC EPS	$	34,074			61,335	$	0.56
Net income available to common stockholders	$	34,965			61,335
Effect of dilutive securities:
Stock options		—			375
Restricted stock		—			498
Series B preferred stock		2,567			5,148
DILUTED EPS	$	37,532			67,356	$	0.56

Restricted stock and stock options totaling approximately 1,144,000 and 1,235,000 shares, respectively, and common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares were not included in the computation of diluted earnings per share for the three and six month periods ended June 30, 2011 because the inclusion would have been anti-dilutive as a result of the net loss reported for the periods.

Common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares were not included in the computation of diluted earnings per share for the three month period ended June 30, 2010 because the inclusion would have been anti-dilutive. Options to purchase 2,150,000 shares of common stock were outstanding during the three and six month periods ended June 30, 2010, and were not included in the computation of diluted earnings per share because the options’ exercise prices were in excess of the average market price of the common shares.