Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2011

Earnings (Loss) Per Share [Abstract]

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, as adjusted for the effect of assumed conversions of convertible notes and preferred stock, by the weighted average number of common shares outstanding combined with potentially dilutive common share equivalents outstanding, if the effect is dilutive.

In connection with the issuance of the 2008 Notes, the Company entered into the Share Lending Agreement for 3,800,000 shares of the Company's common stock (see Note 8 ). Contractual undertakings of the Borrower have the effect of substantially eliminating the economic dilution that otherwise would have resulted 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 basic or diluted earnings (loss) per common share.

For the nine months ended September 30, 2011, debt convertible into 4,681,490 shares of common stock was excluded from the calculation of diluted earnings per share, as inclusion was anti-dilutive. As of September 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 were also excluded from the calculation of diluted earnings per share. Basic and diluted earnings (loss) per common share are as follows (in thousands, except per share data):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011		2010			2011		2010
Net income (loss) attributable to common stockholders—Basic	$	17,917	$	(2,354	)	$	25,549	$	(21,930	)
Impact of assumed conversions:
Interest on convertible notes		867		—			—		—
Dividends on preferred stock		—		—			140		—
Net income (loss) attributable to common stockholders—Diluted	$	18,784	$	(2,354	)	$	25,689	$	(21,930	)
Weighted average common shares outstanding—Basic		47,178		26,690			43,201		24,458
Assumed conversions:
Incremental common shares from warrants		1,727		—			2,388		—
Incremental common shares from stock options		743		—			743		—
Incremental common shares from convertible notes		4,681		—			—		—
Incremental common shares from convertible preferred stock before conversion		—		—			581		—
Weighted average common shares outstanding—Diluted		54,329		26,690			46,913		24,458
Basic earnings (loss) per common share	$	0.38	$	(0.09	)	$	0.59	$	(0.90	)
Diluted earnings (loss) per common share	$	0.35	$	(0.09	)	$	0.55	$	(0.90	)