Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER SHARE

Basic earnings per share ("EPS”) are computed by dividing net income to common shareholders by the weighted‑average number of common shares outstanding for the year. Diluted net income available to common shareholders per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The numerators of the basic net income per share computations are the same as the numerators of the diluted net income per common share computations for all the periods presented. Weighted average shares outstanding for the year ended December 31, 2011 excludes 152,834 shares of unvested restricted stock. At December 31, 2011 and December 31, 2010, there were 152,834 and 18,000 shares of restricted stock that were antidilutive, respectively. There were no shares of restricted stock outstanding as of December 31, 2009. The following table presents the reconciliation of EPS for the years ended December 31, 2011, 2010 and 2009:

	2011			2010			2009
Basic earnings per share:
Net income (loss) to common shareholders	$	(17,382,132	)	$	(3,193,377	)	$	(77,492,525	)
Weighted average shares outstanding	18,239,004			16,129,640			14,808,325
Basic earnings (loss) per share	$	(0.95	)	$	(0.2	)	$	(5.23	)
Diluted earnings (loss) per share:
Net income (loss) to common shareholders	$	(17,382,132	)	$	(3,193,377	)	$	(77,492,525	)
Weighted-average shares outstanding	18,239,004			16,129,640			14,808,325
Dilutive effect of stock options	—			—			—
Weighted-average shares, as adjusted	18,239,004			16,129,640			14,808,325
Diluted earnings (loss) per share	$	(0.95	)	$	(0.2	)	$	(5.23	)

For 2011 and 2010, net loss to common shareholders is net loss less the preferred stock dividends and accretion of discount.

At December 31, 2011, there were 277,195 options outstanding to purchase shares of the Company’s common stock at a range of $3.84 to $19.07. The average strike price during the period was $13.65. During 2011, there were 145,000 shares of restricted stock granted at a weighted average fair value of $2.34 per share. The fair value of each share grant is based on the closing market price of the stock on the date of issuance. Restricted shares vest over a three-year period. A total of 152,834 shares of restricted stock are nonvested as of December 31, 2011.

At December 31, 2010, there were 421,129 options outstanding to purchase shares of the Company’s common stock at a range of $3.84 to $19.07. The average market price during the period was $3.30. During 2010, there were 18,000 shares of restricted stock granted at a weighted average fair value of $4.18 per share. The fair value of each share grant is based on the closing market price of the stock on the date of issuance. Restricted shares vest over a three-year period. A total of 18,000 shares of restricted stock are nonvested as of December 31, 2010.

At December 31, 2009, there were 619,515 options outstanding to purchase shares of the Company’s common stock at a range of $6.36 to $19.07. The average market prices during the period ranged from $3.97 to $5.45.

Unvested shares of restricted stock and stock options were excluded from the determination of diluted earnings per share for the years ended December 31, 2011, 2010 and 2009 due to the Company’s loss position for the periods.