Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share [Abstract]

7.	Earnings Per Common Share

Basic loss per share includes weighted average common shares outstanding during the period and participating share awards. Diluted loss per share excludes the dilutive effect of additional potential common shares to be issued upon the conversion of convertible preferred stock, exercise of common stock warrants, exercise of stock options, restricted stock units and stock units for a deferred compensation plan for non-employee directors as they would be anti-dilutive.

A reconciliation of basic and diluted loss per share for the three-month and nine-month periods ended September 30 follows:

	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
	(in thousands, except per share amounts)
Net loss applicable to common stock	$	(5,165	)	$	(7,719	)	$	(14,588	)	$	(15,862	)

Weighted average shares outstanding		8,401			7,513			8,209			4,275
Effect of convertible preferred stock		42,452			48,887			42,452			30,085
Restricted stock units		140			-			116			-
Stock units for deferred compensation plan for non-employee directors		7			7			7			7
Weighted average shares outstanding for calculation of diluted loss per share(1)		51,000			56,407			50,784			34,367
Net loss per common share
Basic	$	(.61	)	$	(1.03	)	$	(1.78	)	$	(3.71	)
Diluted(1)		(.61	)		(1.03	)		(1.78	)		(3.71	)

(1)

For any period in which a loss is recorded, the assumed conversion of convertible preferred stock, assumed exercise of common stock warrants, assumed exercise of stock options, restricted stock units and stock units for a deferred compensation plan for non-employee directors would have an anti-dilutive impact on the loss per share and thus are ignored in the diluted per share calculation.

Weighted average stock options outstanding that were not considered in computing diluted loss per share because they were anti-dilutive totaled 0.2 million and 0.1 million for the three-month periods ended September 30, 2011 and 2010, respectively and 0.1 million for both nine-month periods ended September 30, 2011 and 2010, respectively. The warrant to purchase 346,154 shares of our common stock was not considered in computing the diluted loss per share in both periods in 2011 and 2010 as it was anti-dilutive.