Equity and Earnings per Share

9 Months Ended

Sep. 30, 2011

Equity and Earnings per Share [Abstract]

Equity and Earnings per Share

Note 9 — Equity and Earnings per Share

     Share-Based Payments — The Company recorded share based compensation expense of $354,000 and a credit of $157,000 for the three months ended September 30, 2010 and 2011, respectively. The credit for the three months ended September 30, 2011 was a result of forfeitures due to employee turnover. Expense for the periods from January 1 to March 5 and March 6 to September 30, 2010, was $808,000 and $987,000, respectively, and $1.2 million for the nine months ended September 30, 2011. Total share-based compensation to be recognized on unvested stock awards and options at September 30, 2011, is $792,000 over a weighted average period of 1.32 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			Nine Months Ended
	Three Months Ended September 30,						to March 5,		to September 30,			September 30,
	2010			2011			2010		2010			2011
Net income attributable to controlling interests	$	28,189		$	7,007		$	11,778	$	35,612		$	10,677
Preferred stock accretion		(29	)		(406	)		—		(29	)		(1,141	)
Preferred stock dividends		(180	)		(1,973	)		—		(180	)		(5,747	)
Net income attributable to common stockholders	$	27,980		$	4,628		$	11,778	$	35,403		$	3,789
Denominator
Common shares		8,062,567			9,009,109			32,016,327		8,053,724			8,528,020
Weighted average number of unvested share-based awards participating		—			—			121,121		—			—
Denominator for basic earnings per share		8,062,567			9,009,109			32,137,448		8,053,724			8,528,020
Effect of potentially dilutive securities
Unvested share-based awards non-participating		138,186			130,591			450,751		99,156			157,238
Warrants		517,895			6,843,407					227,973			8,004,358
Stock options		—			26,525			26,154		177			63,146
Denominator for diluted earnings per share		8,718,648			16,009,632			32,614,353		8,381,030			16,752,762
Basic earnings per share	$	3.47		$	0.51		$	0.37	$	4.40		$	0.44
Diluted earnings per share	$	3.21		$	0.29		$	0.36	$	4.22		$	0.23
Securities excluded from earnings per share calculation:
Unvested share-based awards		—			—			—		—			—
Antidilutive stock options		19,550			420,750			570,000		19,550			420,750
Warrants		—			1,293,878			—		—			1,293,878