Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2011

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Note 10 — Earnings (Loss) Per Share

Basic earnings (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding and potentially dilutive common stock equivalent shares outstanding, if the effect is dilutive.

In connection with the issuance of the 2008 Notes, the Company entered into a Share Lending Agreement for 3,800,000 shares of the Company's common stock (see Note 8 - Convertible Notes and Long Term Debt, "Share Lending Agreement"). Contractual undertakings of the Borrower have had the effect of substantially eliminating any economic dilution that otherwise would result from the issuance of the Borrowed Shares. All shares outstanding under the Share Lending Agreement are contractually obligated to be returned to the Company; accordingly, shares loaned under the Share Lending Agreement are not considered outstanding for the purpose of computing and reporting earnings (loss) per common share.

As of June 30, 2011, approximately 1.1 million stock options with an exercise price in excess of the average market price of the Company's common stock and outstanding convertible debt convertible into 4,681,490 shares of common stock were excluded from the calculation of diluted earnings per share, as inclusion was anti-dilutive. Basic and diluted earnings (loss) per common share are as follows (in thousands, except per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
Net income (loss) attributable to common stockholders - Basic	$	2,126	$	(7,435	)	$	7,632	$	(19,576	)
Plus convertible preferred stock dividends for assumed conversion of preferred stock		—		—			140		—
Net income (loss) attributable to common stockholders - Diluted	$	2,126	$	(7,435	)	$	7,772	$	(19,576	)
Weighted average common shares outstanding - Basic		44,749		26,445			41,180		23,323
Assumed conversions:
Incremental common shares from warrants		1,900		—			2,724		—
Incremental common shares from stock options		784		—			743		—
Incremental common shares from convertible preferred stock before conversion		—		—			876		—
Weighted average common shares outstanding - Diluted		47,433		26,445			45,523		23,323
Basic earnings (loss) per common share	$	0.05	$	(0.28	)	$	0.19	$	(0.84	)
Diluted earnings (loss) per common share	$	0.04	$	(0.28	)	$	0.17	$	(0.84	)