Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 3—Earnings Per Share

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

For the Three Months Ended March 31, 2012	Loss (Numerator)			Shares (Denominator)		Per Share Amount
BASIC EPS
Net loss available to common stockholders	$	(18,608	)		62,216	$	(0.30	)
Effect of dilutive securities:
Stock options		—			—
Restricted stock		—			—
DILUTED EPS	$	(18,608	)		62,216	$	(0.30	)
For the Three Months Ended March 31, 2011	Income (Numerator)			Shares (Denominator)		Per Share Amount
Net income available to common stockholders	$	1,897			61,668
Attributable to participating securities		(45	)		—
BASIC EPS	$	1,852			61,668	$	0.03
Net income available to common stockholders	$	1,897			61,668
Effect of dilutive securities:
Stock options		—			424
Restricted stock		—			926
DILUTED EPS	$	1,897			63,018	$	0.03

An aggregate of 960,079 shares of common stock representing options to purchase common stock and unvested shares of restricted common stock 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 month period ended March 31, 2012 because the inclusion would have been anti-dilutive as a result of the net loss reported for the period. In addition, options to purchase 1,039,000 shares of common stock were outstanding during the three months ended March 31, 2012 that would not have been 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.

Common shares issuable upon the assumed conversion of the Series B preferred stock totaling 5,148,000 shares during the three-months ended March 31, 2011 were not included in the computation of diluted earnings per share because the inclusion would have been anti-dilutive. Options to purchase 25,000 shares of common stock were outstanding during the period ended March 31, 2011 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.