In October 2006, the Company's stockholders approved an increase in the number of authorized shares of capital stock from 20 million shares, consisting of 19 million shares of common stock and 1 million shares of preferred stock, to 150 million shares, consisting of 140 million shares of common stock and 10 million shares of preferred stock.

Basic earnings per common share was computed by dividing net income by the weighted-average number of common shares outstanding for the periods presented. The computation of diluted earnings per common share further assumes the dilutive effect of common share options and restricted shares.

The following are the share amounts used to compute the basic and diluted earnings per share for the years ended December 31, 2011, 2010 and 2009 (in thousands):

		Years ended December, 31
		2011	2010	2009
Basic shares:
	Weighted average common shares outstanding	47,150	46,732	46,476
Dilutive shares:
	Weighted average common shares outstanding	47,150	46,732	46,476
	Dilutive effect of restricted shares	0	0	59
	Dilutive effect of exercise of options	0	0	0
Dilutive shares:		47,150	46,732	46,535

The Company has issued restricted shares that entitle employees to receive non-forfeitable dividends during their vesting period and are therefore considered participating securities for earnings per share calculations. The restricted shares, which participate in earnings and dividends in the same manner as other common shares, were allocated total net income (loss) of $(125,000), $(287,000) and $200,000 for the years ended December 31, 2011, 2010 and 2009, respectively.