Earnings per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

NOTE 11 – Earnings per Share

          In conjunction with the acquisition of Hudson, outstanding warrants to purchase Hudson common stock were converted into 310,817 warrants to purchase the Company’s common stock at an average exercise price of $23.85. As of June 30, 2012, the aggregate intrinsic value of these warrants was zero.

          The table below reconciles the numerators and denominators of the basic and diluted earnings per share (“EPS”) computations for the three month and six month periods ended June 30, 2012 and 2011 (in thousands, except per share amounts):

		Three Months Ended June 30,						Six Months Ended June 30,
		2012			2011			2012			2011
Earnings (loss):
Earnings (loss) for basic earnings per share			(8,990	)		(7,883	)		(7,012	)		(8,069	)
Addback: Convertible debt related interest			—			—			—			—
Earnings (loss) for diluted earnings per share			(8,990	)		(7,883	)		(7,012	)		(8,069	)
Shares:
Shares outstanding	(1)		32,749			35,103			33,009			34,202
Unearned restricted stock	(2)		—			—			—			(23	)
Earned RSUs	(3)		3,711			2,534			3,431			2,248
Shares outstanding, basic			36,460			37,637			36,440			36,427
Convertible debt	(4)		—			—			—			—
Unearned RSUs	(5)		—			—			—			—
Shares outstanding, diluted			36,460			37,637			36,440			36,427
Earnings (loss) per share:
Basic			(0.25	)		(0.21	)		(0.19	)		(0.22	)
Diluted			(0.25	)		(0.21	)		(0.19	)		(0.22	)

(1)	Shares outstanding represents shares issued less shares repurchased in treasury stock.
(2)	As restricted stock is contingent upon a future service condition, unearned shares are removed from shares outstanding in the calculation of basic EPS as the Company’s obligation to issue these shares remains contingent.
(3)	As earned RSUs are no longer contingent upon a future service condition and are issuable upon a certain date in the future, earned restricted stock units are added to shares outstanding in the calculation of basic EPS.
(4)	Calculated using the “if converted” method. The “if converted” method assumes the conversion of the outstanding convertible debt at the beginning of the period. Related interest expense is added back to the diluted EPS numerator.
(5)	Calculated under the treasury stock method. The treasury stock method assumes the issuance of only a net incremental number of shares as proceeds from issuance are assumed to be used to repurchase shares at the average stock price for the period.