EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE J — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share:

	Three Months Ended						Six Months Ended
	June 30						June 30
	2013			2012			2013			2012
	(in thousands, except share and per share data)
Basic
Numerator:
Net income (loss)	$	4,878		$	11,841		$	(8,517	)	$	(6,321	)
Effect of unvested restricted stock awards	(215		)	(549		)	(74		)	(75		)
Adjusted net income (loss)	$	4,663		$	11,292		$	(8,591	)	$	(6,396	)
Denominator:
Weighted-average shares	25,694,327			25,544,455			25,666,484			25,496,871
Earnings (loss) per common share	$	0.18		$	0.44		$	(0.33	)	$	(0.25	)
Diluted
Numerator:
Net income (loss)	$	4,878		$	11,841		$	(8,517	)	$	(6,321	)
Effect of unvested restricted stock awards	(215		)	(549		)	(74		)	(75		)
Adjusted net income (loss)	$	4,663		$	11,292		$	(8,591	)	$	(6,396	)
Denominator:
Weighted-average shares	25,694,327			25,544,455			25,666,484			25,496,871
Effect of dilutive securities	—			—			—			—
Adjusted weighted-average shares and assumed conversions	25,694,327			25,544,455			25,666,484			25,496,871
Earnings (loss) per common share	$	0.18		$	0.44		$	(0.33	)	$	(0.25	)

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock and restricted stock units, which are considered participating securities. For the three months ended June 30, 2013 and 2012 outstanding stock awards of 0.7 million and 0.9 million, respectively, were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing the earnings per share. For the six months ended June 30, 2013 and 2012, outstanding stock awards of 0.7 million and 0.8 million, respectively, were not included in the diluted loss per share calculation because their inclusion would have the effect of decreasing the loss per share.