Earnings Per Share

9 Months Ended

Sep. 30, 2011

13. EARNINGS PER SHARE

Basic earnings (loss) per share has been computed by dividing the net income (loss) applicable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income (loss) applicable to common shareholders includes the adjustment for net income or loss attributable to noncontrolling interest. Diluted earnings (loss) per share is computed by including the dilutive effect of common stock that would be issued assuming conversion or exercise of outstanding convertible notes and securities, stock options, stock appreciation rights, and restricted stock units. No such items were included in the computation of diluted loss per share in the nine months ended September 30, 2011 because the Company incurred a loss from operations in this period and the effect of inclusion would have been anti-dilutive.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011			2010
	(In thousands)
Income (loss) for basic earnings per share calculation:
Net income (loss) allocated to common shareholders	$	2,389	$	2,513	$	(23,309	)	$	237

Weighted average shares outstanding:
Basic weighted average shares outstanding		13,384		10,849		12,990			10,676
Effect of restricted stock units, stock options and SARs		58		62		—			82
Effect of convertible notes and securities		—		—		—			—

Diluted weighted average shares outstanding		13,442		10,911		12,990			10,758

The table below shows the number of shares that were excluded from the calculation of diluted income (loss) per share because their inclusion would be anti-dilutive to the calculation:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands)
Convertible notes and securities		1,093		2,943		1,093		2,943
Restricted stock units, stock options and SARs		582		649		640		628

Total shares excluded from diluted shares calculation		1,675		3,592		1,733		3,571