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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2011
EARNINGS PER SHARE
9.    EARNINGS PER SHARE

The following table provides a reconciliation of basic and diluted earnings (loss) per common share of Verso Paper:
 
   
VERSO PAPER
  
   
Year Ended December 31,
  
(In thousands, except per share amounts)
  
2011
    
2010
    
2009
  
Net income (loss) available to common shareholders
   $ (137,061 )   $ (131,082 )   $ 106,003  
                         
Weighted average common stock outstanding
     52,207       52,078       52,047  
Weighted average restricted stock
     388       367       91  
Weighted average common shares outstanding - basic
     52,595       52,445       52,138  
Dilutive shares from stock options
     -       -       15  
Weighted average common shares outstanding - diluted
     52,595       52,445       52,153  
                         
Basic income (loss) per share
   $ (2.61 )   $ (2.50 )   $ 2.03  
                         
Diluted income (loss) per share
   $ (2.61 )   $ (2.50 )   $ 2.03  
 
In accordance with ASC Topic 260, Earnings Per Share, unvested restricted stock awards issued by Verso Paper in 2011, 2010, and 2009 contain nonforfeitable rights to dividends and qualify as participating securities.  No dividends have been declared or paid in 2011, 2010 or 2009.  For 2011, 1,728,127 weighted average potentially dilutive shares from stock options with a weighted average exercise price per share of $3.83 were excluded from the diluted earnings per share due to the antidilutive effect such shares would have on net loss per common share.  For 2010, 1,357,616 weighted average potentially dilutive shares from stock options with a weighted average exercise price per share of $3.34 were excluded from the diluted earnings per share due to the antidilutive effect such shares would have on net loss per common share.  For 2009, 319,288 weighted average potentially dilutive shares from stock options with a weighted average exercise price per share of $3.43 were excluded from the diluted earnings per share calculation because including such shares would have been antidilutive.  Additionally in 2009, 15,864 weighted average potentially dilutive shares from options with an exercise price per share of $1.11 were excluded from the diluted earnings per share calculation because these performance-based options were not expected to vest.