Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

Note 11— Earnings (Loss) Per Share

Basic earnings (loss) per common share is calculated by division of the 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 division of the 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. As net losses were realized during the years ended December 31, 2010 and 2009, potentially dilutive securities were excluded from the diluted earnings per share calculation as inclusion would have an anti-dilutive effect on net loss per share.

In connection with the sale of the 2008 Notes in February 2008, the Company entered into a Share Lending Agreement for 3,800,000 shares of the Company's common stock (see Note 9). Contractual undertakings of the Borrower have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of the Borrowed Shares, and all shares outstanding under the Share Lending Agreement are contractually obligated to be returned to the Company. As a result, shares lent under the Share Lending Agreement are not considered to be outstanding for the purpose of computing and reporting earnings or loss per share.

Securities convertible into shares of common stock that were not considered in calculating earnings (loss) per common share, as inclusion would be anti-dilutive, are as follows (in thousands):

	December 31,
	2011		2010		2009
Stock options under long-term incentive plans		-		1,605		1,605
Stock warrants related to sales of preferred stock		-		5,853		10,480
Convertible senior notes (if-converted)		4,681		4,879		5,055
Convertible preferred stock (if-converted)		-		4,872		6,957
		4,681		17,209		24,097

At December 31, 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):

	Year ended December 31,
	2011		2010			2009
Net income (loss) attributable to commons stockholders—Basic	$	26,540	$	(50,008	)	$	(52,564	)
Impact of assumed conversions:
Dividends on preferred stock		141		-			-
Net income (loss) atributable to common stockholders—Diluted	$	26,681	$	(50,008	)	$	(52,564	)
Weighted average common shares outstanding—Basic		44,229		25,731			19,595
Assumed conversions:
Incremental common shares from warrants		2,222		-			-
Incremental common shares from stock options		747		-			-
Incremental common shares from convertible preferred stock before
conversion		440		-			-
Weighted average common shares outstanding—Diluted		47,638		25,731			19,595
Basic earnings (loss) per common share	$	0.60	$	(1.94	)	$	(2.68	)
Diluted earnings (loss) per common share	$	0.56	$	(1.94	)	$	(2.68	)