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CALCULATION OF EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
CALCULATION OF EARNINGS PER COMMON SHARE
 CALCULATION OF EARNINGS PER COMMON SHARE

The following tables show the calculation of earnings (loss) per common share (in thousands, except per share data):
 
Years Ended December 31
 
2012
 
2011
 
2010
Net income (loss)
$
64,882

 
$
5,457

 
$
(61,896
)
Preferred stock dividend accrual
(4,938
)
 
(6,200
)
 
(6,200
)
Preferred stock discount accrual
(3,298
)
 
(1,701
)
 
(1,593
)
Gain on repurchase of preferred stock
2,471

 
—

 
—

Net income (loss) available to common shareholders
$
59,117

 
$
(2,444
)
 
$
(69,689
)
Weighted average number of common shares outstanding
 
 
 
 
 
Basic
18,650

 
16,724

 
9,665

Diluted
18,723

 
16,724

 
9,665

Earnings (loss) per common share
 
 
 
 
 
Basic
$
3.17

 
$
(0.15
)
 
$
(7.21
)
Diluted
$
3.16

 
$
(0.15
)
 
$
(7.21
)


At December 31, 2012 there were 72,523 issued but unvested restricted stock shares that were included in the computation of diluted earnings per share.

Options to purchase an additional 42,521 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, 2012, the warrant issued to the 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.