Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2012

Net Income (Loss) per Share [Abstract]

Net Income (Loss) per Share

11. Net Income (Loss) per Share

The following table sets forth the computation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended March 31,
	2012			2011
Numerator
Net income (loss)	$	5,284		$	(6,509	)
Preferred stock dividends forfeited (earned)		(186	)		—
Numerator for basic EPS – net income (loss) attributable to common stockholders		5,098			(6,509	)
Effect of dilutive securities:
Preferred stock dividends		—			—
Numerator for diluted EPS – net income (loss) attributable to common stockholders	$	5,098		$	(6,509	)
Denominator:
Weighted-average shares outstanding:
Basic EPS		2,092			947
Effect of dilutive convertible preferred stock and warrants		5,470,153			—
Denominator for diluted EPS		5,472,245			947
Basic EPS	$	2.44		$	(6.87	)
Diluted EPS	$	0.00		$	(6.87	)

At March 31, 2012, potentially dilutive securities of approximately 496 shares reserved for the exercise of outstanding stock options and warrants for common stock were excluded from the diluted EPS computation because their effect was anti-dilutive.

Because the Company had incurred a net loss for the three months ended March 31, 2011, common stock issuable upon the conversion of preferred stock and the exercise of stock options and warrants were not included in the computation of net loss per share because their effect was anti-dilutive. At March 31, 2011, potentially dilutive securities were approximately 215,000 shares reserved for the conversion of convertible preferred stock, including accrued dividends, and the exercise of outstanding stock options and warrants.

The Series C-1² Preferred was convertible into 1.1 billion and approximately 37,000 shares of common stock at March 31, 2012 and March 31, 2011, respectively.