2 — EARNINGS PER COMMON SHARE

The calculations of earnings per common share for the quarters and six-month periods ended on June 30, 2011 and 2010 are as follows:


	Quarter Ended						Six-Month Period Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010
	(In thousands, except per share information)
Net Loss:
Net loss	$	(14,924	)	$	(90,640	)	$	(43,344	)	$	(197,639	)
Cumulative non-convertible preferred stock dividends (Series F)		—			(5,000	)		—			(10,000	)
Cumulative convertible preferred stock dividends (Series G)		(5,302	)		—			(10,604	)		—
Preferred stock discount accretion (Series G and F) ⁽¹⁾		(1,979	)		(1,170	)		(3,694	)		(2,322	)

Net loss attributable to common stockholders	$	(22,205	)	$	(96,810	)	$	(57,642	)	$	(209,961	)


Weighted-Average Shares:
Basic weighted-average common shares outstanding ⁽²⁾		21,303			6,168			21,303			6,168
Average potential common shares ⁽²⁾		—			—			—			—

Diluted weighted-average number of common shares outstanding ⁽²⁾		21,303			6,168			21,303			6,168


Loss per common share:
Basic ⁽²⁾	$	(1.04	)	$	(15.70	)	$	(2.71	)	$	(34.04	)
Diluted ⁽²⁾	$	(1.04	)	$	(15.70	)	$	(2.71	)	$	(34.04	)


(1)		Includes a non-cash adjustment of $0.2 million for the second quarter and six-month period ended June 30, 2011, as an acceleration of the Series G preferred stock discount accreation pursuant to a second amendment to the exchange agreement with the U.S. Treasury, the sole holder of the Series G Preferred Stock, that provides for a six months extension to the date by when the Corporation is required to complete an equity raise in order to compel the conversion of the Series G Preferred Stock into common stock.

(2)		All share and per share data has been adjusted to retroactively reflect the 1-for-15 reverse stock split effected January 7, 2011.

Loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average common shares issued and outstanding. Net loss attributable to common stockholders represents net loss adjusted for preferred stock dividends including dividends declared, and cumulative dividends related to the current dividend period that have not been declared as of the end of the period, and the accretion of discount on preferred stock issuances. Basic weighted average common shares outstanding exclude unvested shares of restricted stock.

Potential common shares consist of common stock issuable under the assumed exercise of stock options, unvested shares of restricted stock, and outstanding warrants using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the number of potential shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Stock options, unvested shares of restricted stock, and outstanding warrants that result in lower potential shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. As of June 30, 2011 and 2010, there were 129,934 and 138,165 outstanding stock options, respectively; warrants outstanding to purchase 389,483 shares of common stock and 716 and 1,432 unvested shares of restricted stock, respectively, that were excluded from the computation of diluted earnings per common share because their inclusion would have an antidilutive effect.