Calculation of Weighted Average Shares Outstanding For Earnings (Loss) Per Share (EPS)

3 Months Ended

Jun. 30, 2012

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 June 30		Six Months Ended June 30
	2012	2011	2012	2011
Net income (loss)	$25,390	$2,199	$34,574	$(5,643)
Preferred stock dividend accrual	1,550	1,550	3,100	3,100
Preferred stock discount accretion	454	425	908	851
Net income (loss) available to common shareholders	$23,386	$224	$30,566	$(9,594)
Basic weighted average shares outstanding	18,404	16,535	18,052	16,404
Plus unvested restricted stock	40	--	34	--
Diluted weighted shares outstanding	18,444	16,535	18,086	16,404
Earnings (loss) per common share
Basic	$1.27	$0.01	$1.69	$(0.58)
Diluted	$1.27	$0.01	$1.69	$(0.58)

Options to purchase an additional 47,671 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 June 30, 2012, 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.