Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share amounts are computed using the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share amounts are computed using the weighted average number of common shares outstanding and dilutive potential common shares outstanding during each period.

The reconciliations between basic and diluted earnings (loss) per share for the three years ended December 31, 2012 are as follows:

	For the year ended December 31,
	2012		2011			2010
	(Dollar amounts in millions, except per share data)
Net earnings (loss)	$	9.5	$	(55.9	)	$	(13.4	)
Weighted average common shares outstanding	15,152,286		15,122,976			15,000,000
Dilutive effect of common share equivalents	378,919		—			—
Dilutive shares outstanding	15,531,205		15,122,976			15,000,000
Basic earnings (loss) per share	$	0.63	$	(3.70	)	$	(0.89	)
Diluted earnings (loss) per share	$	0.61	$	(3.70	)	$	(0.89	)

The effect of certain potential common share equivalents, as outlined below, were excluded from the computation of diluted shares outstanding for 2012, 2011 and 2010 as their inclusion would have been anti-dilutive. Restricted stock awards which vest based upon achievement of performance targets were excluded from the diluted shares outstanding as the performance targets had not been met as of the end of 2012, 2011 and 2010.

A summary of the weighted average anti-dilutive shares excluded from each of the three years ended December 31, 2012 is as follows:

	For the year ended December 31,
	2012	2011	2010
Warrants	777,419	789,474	789,474
Restricted stock	299,924	400,242	707,887
Stock options	27,774	641,552	752,887
Total	1,105,117	1,831,268	2,250,248