Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 12 - Earnings Per Share:

The following is a reconciliation of the amounts used to calculate basic and diluted earnings per share (share amounts and $ amounts in thousands, except per share amounts):

	Three months ended						Six months ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010
(Loss) income from continuing operations	$	9,180		$	18,035		$	(99,664	)	$	44,461
Provision for income taxes from discontinued operations		127			(360	)		253			(232	)
Loss from discontinued operations		(127	)		360			(253	)		232
Net (loss) income	$	9,053		$	18,395		$	(99,917	)	$	44,693
Basic:
Weighted average number of common shares outstanding		35,983			34,112			35,742			34,021
(Loss) income from continuing operations	$	0.26		$	0.53		$	(2.79	)	$	1.31
Loss from discontinued operations		(0.01	)		0.01			(0.01	)		0.01
Net (loss) income per share of common stock	$	0.25		$	0.54		$	(2.80	)	$	1.32
Assuming dilution:
Weighted average number of common shares outstanding		35,983			34,112			35,742			34,021
Effect of dilutive securities		725			1,363			-			1,252
Weighted average number of common and common equivalent shares outstanding		36,708			35,475			35,742			35,273
(Loss) income from continuing operations	$	0.25		$	0.51		$	(2.79	)	$	1.26
Loss from discontinued operations		(0.00	)		0.01			(0.01	)		0.01
Net (loss) income per share of common stock	$	0.25		$	0.52		$	(2.80	)	$	1.27

Outstanding options of 774 thousand as of June 30, 2011 and 1,930 thousand as of June 30, 2010 were not included in the computation of diluted earnings per share because their exercise prices were greater than the average market price of the common stock during the respective periods and their inclusion would, therefore, have been anti-dilutive.  Since we had a net loss for the six months ended June 30, 2011, basic and diluted net loss per share of common stock is the same, because the effect of including potential common stock equivalents (such as stock options, restricted shares, and restricted stock units) would be anti-dilutive.  The effect of dilutive securities would have been 813 thousand on weighted average number of common shares outstanding for the six months ended June 30, 2011.  Similarly, outstanding warrants issued in conjunction with the acquisition of Kali in June 2004 were not included in the computation of diluted earnings per share for any period presented.  The warrants related to the Kali acquisition expired in June 2011.