Note 8 — Equity and Earnings per Share

Share-Based Payments — The Company recorded share based compensation expense of $551,000 and $1.0 million for the three months ended June 30, 2010 and 2011, respectively. Expense for the periods from January 1 to March 5 and March 6 to June 30, 2010, was $808,000 and $634,000, respectively, and $1.3 million for the six months ended June 30, 2011. Total share-based compensation to be recognized on unvested stock awards and options at June 30, 2011, is $1.6 million over a weighted average period of 1.37 years. The following table summarizes option awards granted during 2011 and their associated valuation assumptions:


	Number of		Fair value per
	options granted		option		Exercise price		Risk free rate			Volatility
First quarter 2011 employee awards (1)		18,900	$	3.79	$	6.15		2.00	%		74.7	%
First quarter 2011 director awards (2)		10,000	$	3.02	$	4.80		1.93	%		77.0	%
Second quarter 2011 employee awards (1)		5,500	$	4.51	$	7.30		1.84	%		75.2	%
Second quarter 2011 director awards (2)		160,000	$	4.53	$	7.31		1.91	%		75.2	%


(1)		Awards vest ratably over a three year period.

(2)		Awards vest immediately.

The following table summarizes restricted share awards granted during 2011:


	Number of
	shares granted		Fair Value Per Share
First quarter 2011 restricted share awards (1)		51,500	$	6.15


(1)		Awards vest in one year.

Income/(Loss) per Share — A reconciliation of the numerator and denominator used in the basic and diluted per share calculations for the periods indicated is as follows (dollars in thousands, except per share amounts):


							(Predecessor)
							January 1, 2010		March 6, 2010		Six Months Ended
	Three Months Ended June 30,						to March 5,		to June 30,		June 30,
	2010			2011			2010		2010		2011
Net income (loss) attributable to controlling interests	$	(9,587	)	$	7,531		$	11,778	$	7,423	$	3,670
Preferred stock accretion		—			(380	)		—		—		(735	)
Preferred stock dividends		—			(1,915	)		—		—		(3,774	)

Net income (loss) attributable to common stockholders	$	(9,587	)	$	5,236		$	11,778	$	7,423	$	(839	)


Denominator
Common shares		8,048,998			8,310,527			32,016,327		8,046,771		8,283,488
Weighted average number of unvested share-based awards participating		—			—			121,121		—		—

Denominator for basic earnings per share		8,048,998			8,310,527			32,137,448		8,046,771		8,283,488

Effect of potentially dilutive securities
Unvested share-based awards non-participating		—			126,039			450,751		68,465		—
Warrants					10,159,326
Stock options		—			195,957			26,154		316		—

Denominator for diluted earnings per share		8,048,998			18,791,849			32,614,353		8,115,552		8,283,488


Basic earnings per share	$	(1.19	)	$	0.63		$	0.37	$	0.92	$	(0.10	)

Diluted earnings per share	$	(1.19	)	$	0.28		$	0.36	$	0.91	$	(0.10	)


Securities excluded from earnings per share calculation:
Unvested share-based awards		—			—			—		—		308,175
Antidilutive stock options		19,550			201,250			570,000		19,550		697,750
Warrants		—			—			—		—		20,204,259