Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 10 — Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income or loss attributable to common shareholders by the weighted average number of common shares (other than nonvested restricted stock) outstanding during the period. Weighted average shares outstanding for diluted EPS also includes a hypothetical number of additional shares ("Common Stock Equivalents") calculated assuming the exercise or conversion of all in-the-money options, warrants and convertible preferred stock and full vesting of restricted stock awards. Common Stock Equivalents are excluded from the computation of weighted average common shares outstanding when the per share effect is antidilutive. The impact of assumed conversion of preferred stock on net income attributable to common shareholders is excluded from the computation of EPS when its impact is antidilutive.

Basic and diluted EPS are computed based on the following information (in thousands, except per share amounts):

	Year Ended December 31,
	2011			2010			2009
Net loss attributable to common shareholders:
Net loss attributable to common shareholders	$	(210,482	)	$	(348,797	)	$	(51,817	)
Add impact of assumed preferred stock conversions (if-converted method)		—			—			—
Net loss attributable to common shareholders and impact of assumed conversions	$	(210,482	)	$	(348,797	)	$	(51,817	)
Weighted average shares outstanding:
Weighted average number of shares outstanding – basic		51,077			50,715			41,853
Effect of potentially dilutive securities:
Stock options and warrants		—			—			—
Nonvested restricted stock		—			—			—
Preferred stock		—			—			—
Weighted average number of shares outstanding – diluted		51,077			50,715			41,853
Net loss per share attributable to common shareholders:
Basic	$	(4.12	)	$	(6.88	)	$	(1.24	)
Diluted	$	(4.12	)	$	(6.88	)	$	(1.24	)

The following were excluded from diluted EPS because their inclusion would have been antidilutive (in thousands):

	Year Ended December 31,
	2011		2010		2009
Net loss attributable to common shareholders:
Preferred stock dividends	$	18,583	$	11,248	$	2,856
Weighted average shares outstanding:
Common stock equivalents		427		500		300
Assumed conversion of preferred stock		10,458		6,300		1,600
Out-of-the-money stock options		1,018		1,100		1,100