Calculation Of Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Calculation Of Earnings Per Common Share

Calculation Of Earnings Per Common Share

Note 25:  CALCULATION OF EARNINGS PER COMMON SHARE

The following tables show the calculation of earnings (loss) per common share (dollars in thousands, except per share data).

	Years Ended December 31
		2011		2010			2009
Net income (loss)	$	5,457		$	(61,896	)	$	(35,764	)
Preferred stock dividend accrual		(6,200	)		(6,200	)		(6,200	)
Preferred stock discount accrual		(1,701	)		(1,593	)		(1,492	)
Net income (loss) available to common shareholders	$	(2,444	)	$	(69,689	)	$	(43,456	)
Basic weighted average shares outstanding		16,724			9,665			2,664
Plus MRP, common stock option and common stock warrants considered outstanding for diluted EPS		--			--			--
Less dilutive shares not included as they are anti-dilutive for calculations of loss per share		29			--			--
		16,753			9,665			2,664
Earnings (loss) per common share
Basic	$	(0.15	)	$	(7.21	)	$	(16.31	)
Diluted	$	(0.15	)	$	(7.21	)	$	(16.31	)

Options to purchase an additional 51,729 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 December 31, 2011, the warrant issued to the U.S. Treasury in the fourth quarter of 2008 to purchase up to 243,998 shares (post reverse-split) 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.