CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)

3 Months Ended

Sep. 30, 2011

CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)

CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)

Note 13:  CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS)

The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data (dollars and shares in thousands, except per share data):

	Three Months Ended September 30					Nine Months Ended September 30
		2011		2010			2011			2010
Net income (loss)	$	6,030	$	(42,742	)	$	387		$	(49,205	)
Preferred stock dividend accrual		1,550		1,550			4,650			4,650
Preferred stock discount accretion		425		398			1,276			1,195
Net income (loss) available to common shareholders	$	4,055	$	(44,690	)	$	(5,539	)	$	(55,050	)
Basic weighted average shares outstanding		16,809		15,788			16,540			7,527
Plus unvested restricted stock, common stock options and common stock warrants considered outstanding for diluted EPS		28		--			29			--
		16,837		15,788			16,569			7,527
Earnings (loss) per common share
Basic	$	0.24	$	(2.83	)	$	(0.33	)	$	(7.31	)
Diluted	$	0.24	$	(2.83	)	$	(0.33	)	$	(7.31	)

Options to purchase an additional 61,225 shares of common stock were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive.  Also, as of September 30, 2011, the warrant issued to the U.S. Treasury in the fourth quarter of 2008 to purchase up to 243,998 shares of common stock was not included in the computation of diluted EPS because the exercise price of the warrant was greater than the average market price of common shares.