Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 5—Earnings Per Share

The Company’s earnings per share have been calculated in accordance with ASC Topic 260-10-45. A reconciliation between basic and diluted earnings (loss) per share computations (in thousands, except per share amounts) is as follows:

		September 30,			September 30,		September 30,
	Income			Shares		Per
For the Year Ended December 31, 2011	(Numerator)			(Denominator)		Share Amount
Net income available to common stockholders	$	5,409			61,937
Attributable to participating securities		(154	)		—
BASIC EPS	$	5,255			61,937	$	0.08
Net income available to common stockholders	$	5,409			61,937
Effect of dilutive securities:
Stock options		—			388
Attributable to participating securities		(153	)		—
DILUTED EPS	$	5,256			62,325	$	0.08

		September 30,			September 30,		September 30,
	Income			Shares		Per
For the Year Ended December 31, 2010	(Numerator)			(Denominator)		Share Amount
Net income available to common stockholders	$	41,987			61,415
Attributable to participating securities		(1,029	)		—
BASIC EPS	$	40,958			61,415	$	0.67
Net income available to common stockholders	$	41,987			61,415
Effect of dilutive securities:
Stock options		—			374
Attributable to participating securities		(1,023	)		—
DILUTED EPS	$	40,964			61,789	$	0.66

		September 30,			September 30,		September 30,
	Loss			Shares		Per
For the Year Ended December 31, 2009	(Numerator)			(Denominator)		Share Amount
Net loss available to common stockholders	$	(95,330	)		55,363	$	(1.72	)
Effect of dilutive securities:
Stock options		—			—
Restricted stock		—			—
Series B preferred stock		—			—
DILUTED EPS	$	(95,330	)		55,363	$	(1.72	)

Common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares during 2011, 2010 and 2009 were not included in the computation of diluted earnings per share because the inclusion would have been anti-dilutive. No restricted stock or stock options were included in the computation of diluted earnings per share for the year ended December 31, 2009 because the inclusion would have been anti-dilutive as a result of the net loss reported for the year. Options to purchase 0.1 million and 1.7 million shares of common stock were outstanding during the year ended December 31, 2011 and 2010, respectively, 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.