COMPUTATION OF EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

COMPUTATION OF EARNINGS (LOSS) PER SHARE

COMPUTATION OF EARNINGS (LOSS) PER SHARE

The Company’s Series A 3% Redeemable Convertible Preferred Stock (the “Series A Preferred Stock”) has participation rights in dividends issued to common stockholders.  As a result, the Company calculates earnings per share using the two class method.  The following is a reconciliation of net income (loss) applicable to common stockholders and the number of shares used in the calculation of basic and diluted earnings per share applicable to common stockholders (in thousands, except per-share data):

	Three months ended June 30,					Six months ended June 30,
	2013			2012		2013		2012
Net income (loss) allocated to common stockholders, net of $0 and $1,975 attributable to Series A Preferred Stock for the three months ended June 30, 2013 and 2012, respectively and $436 and $4,071 for the six months ended June 30, 2013 and 2012, respectively.	$	(7,708	)	$	9,402	$	2,121	$	19,385
Basic:
Weighted-average common shares outstanding	28,081			27,639		28,130		27,648
Earnings (loss) per share allocated to common stockholders	$	(0.27	)	$	0.34	$	0.08	$	0.70
Diluted:
Weighted-average shares outstanding used in basic calculation	28,081			27,639		28,130		27,648
Dilutive effect of options	—			182		291		210
Dilutive effect of unvested restricted stock	—			113		415		145
Weighted-average common stock and common stock equivalents	28,081			27,934		28,836		28,003
Earnings (loss) per share allocated to common stockholders	$	(0.27	)	$	0.34	$	0.07	$	0.69
Stock issuable upon conversion of the Series A Preferred Stock	5,806			5,806		5,806		5,806
Stock awards excluded from calculation as their effect would be anti-dilutive	849			1,356		798		1,154

Awards approved under the Company’s Long Term Incentive Program are excluded from diluted shares as the market conditions and performance conditions of the awards have not been met.