Quarterly report pursuant to sections 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
11. Earnings Per Share

Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share assumes the issuance of potentially dilutive shares of common stock during the period. The following table reconciles the numerators and denominators of the basic and diluted income (loss) per share computations:

 

                                 
    Three Months Ended     Nine Months Ended  
    September 30     September 30  
    2012     2011     2012     2011  

Numerator:

                               

Net income (loss) (in thousands)

  $ 33     $ (16,623   $ (1,710   $ (44,679

Denominator:

                               

Weighted average common shares outstanding:

                               

Basic

    21,601,529       21,067,502       21,311,116       21,076,241  

Dilutive effect of non-vested awards

    225,836       —         —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

    21,827,365       21,067,502       21,311,116       21,076,241  

Net loss per share:

                               

Basic

  $ 0.00     $ (0.79   $ (0.08   $ (2.12

Diluted

  $ 0.00     $ (0.79   $ (0.08   $ (2.12
   

 

 

   

 

 

   

 

 

   

 

 

 

For the three and nine months ended September 30, 2012, the following stock awards were not included in the calculation because they would have an anti-dilutive effect: 1,385,000 in stock options and 1,385,000 in stock options and 635,875 in unvested restricted shares, respectively. For the three and nine months ended September 30, 2011, the following stock awards were not included in the calculation because they would have an anti-dilutive effect: 130,479 in stock options and 2,568,750 in unvested restricted shares.