Equity and Earnings per Share

6 Months Ended

Jun. 30, 2012

Equity and Earnings Per Share [Abstract]

Equity and Earnings per Share

Note 10 — Equity and Earnings per Share

Share-Based Payments — The Company recorded share based compensation expense of $1.0 million and $649,000 for the three months ended June 30, 2011 and 2012, respectively. Expense was $1.3 million and $1.1 million for the six months ended June 30, 2011 and 2012, respectively. Total share-based compensation to be recognized on unvested stock awards and options at June 30, 2012, is $3.0 million over a weighted average period of 1.35 years. The following table summarizes option and restricted awards granted during 2012 and their associated valuation assumptions:

	Number of awards granted		Fair value per option or share		Exercise price		Risk free rate			Volatility
Options
First quarter 2012 employee awards (1)		95,000	$	1.69	$	2.93		0.9	%		76.1	%
Second quarter 2012 employee awards (1)		134,230	$	1.88	$	3.09		1.28	%		74.3	%
Restricted Stock Awards
First quarter 2012 employee awards (2)		153,800	$	3.70		n/a		n/a			n/a
Second quarter 2012 employee awards (1)		141,100	$	3.09		n/a		n/a			n/a
Restricted Stock Units
Second quarter 2012 director awards (3)		120,000	$	2.37		n/a		n/a			n/a

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

(2) Awards vest in one year.

(3) Awards vest in one year and are deliverable to the participant on the earlier of the fifth anniversary of the grant date or the date of participant’s separation from the Company.

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):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2012			2011			2012
Net income (loss)	$	7,531		$	(18,508	)	$	3,670		$	(11,161	)
Preferred stock accretion		(380	)		(501	)		(735	)		(972	)
Preferred stock dividends		(1,915	)		(2,155	)		(3,774	)		(4,248	)
Net income (loss) attributable to common stockholders	$	5,236		$	(21,164	)	$	(839	)	$	(16,381	)
Denominator
Common shares		8,310,527			12,403,378			8,283,488			11,804,745
Denominator for basic earnings per share		8,310,527			12,403,378			8,283,488			11,804,745
Effect of potentially dilutive securities
Unvested share-based awards		126,039			—			—			—
Warrants		10,159,326			—			—			—
Stock options		195,957			—			—			—
Denominator for diluted earnings per share		18,791,849			12,403,378			8,283,488			11,804,745
Basic earnings (loss) per share	$	0.63		$	(1.71	)	$	(0.10	)	$	(1.39	)
Diluted earnings (loss) per share	$	0.28		$	(1.71	)	$	(0.10	)	$	(1.39	)
Securities excluded from earnings per share calculation:
Unvested share-based awards		—			231,970			308,175			231,970
Antidilutive stock options		201,250			1,264,538			697,750			1,264,538
Warrants		—			22,915,153			20,204,259			22,915,153

Common Stock Issuance — On February 9, 2012, the Company issued 2,180,233 shares of its common stock to White Deer for proceeds of $7.5 million, which were used to retire the Secured Pipeline Loan and for other general corporate purposes.