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LOSS/EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2012
LOSS/EARNINGS PER SHARE [Abstract]  
LOSS/EARNINGS PER SHARE
8. LOSS/EARNINGS PER SHARE

ALC computes earnings per share under two different methods, basic and diluted, and presents per share data for all periods in which statements of income are presented.  Basic net loss/earnings per share are computed by dividing net loss/income by the weighted average number of shares of common stock outstanding.  Diluted net loss/earnings per share are computed by dividing net loss/income by the weighted average number of common stock and common stock equivalents outstanding.  Common stock equivalents consist of incremental shares available upon conversion of Class B common shares which are convertible into Class A common shares at a rate of 1.075 Class A common shares per Class B common share.
 
For the three and nine month periods ended September 30, 2011, 88,764 and 29,588, respectively of  potentially issuable common shares were anti-dilutive and therefore not included in the quarterly or year- to-date computations of diluted weighted average shares and diluted earnings per share. For the three and nine month periods ended September 30, 2012, ALC reported a consolidated loss therefore no potentially issuable common shares were included in the earnings per share calculation.

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three and nine month periods ended September 30, 2012 and 2011.

 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30,
 
 
September 30,
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
 
(In thousands, except per share data)
 
Basic earnings per share calculation :
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss)/income to common stockholders
 
$
(4,042
)
 
$
5,763
 
 
$
(23,502
)
 
$
17,050
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding
 
 
22,970
 
 
 
22,962
 
 
 
22,970
 
 
 
22,951
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net (loss)/income per share
 
$
(0.18
)
 
$
0.25
 
 
$
(1.02
)
 
$
0.74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share calculation :
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss)/income to common stockholders
 
$
(4,042
)
 
$
5,763
 
 
$
(23,502
)
 
$
17,050
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding
 
 
22,970
 
 
 
22,962
 
 
 
22,970
 
 
 
22,951
 
Assumed conversion of Class B shares
 
 
—
 
 
 
220
 
 
 
—
 
 
 
221
 
Effect of dilutive stock options
 
 
—
 
 
 
54
 
 
 
—
 
 
 
89
 
Diluted weighted average number of common shares outstanding
 
 
22,970
 
 
 
23,236
 
 
 
22,970
 
 
 
23,261
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net (loss)/income per share
 
$
(0.18
)
 
$
0.25
 
 
$
(1.02
)
 
$
0.73