Earnings Per Common Share

9 Months Ended

Sep. 30, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

6.    Earnings Per Common Share

		Three months ended					Nine months ended
		September 30,					September 30,
		2012		2011			2012		2011
		(In thousands, except per share amounts)
Net income (loss) applicable to common stock	$	5,353	$	(5,165	)	$	11,042	$	(14,588	)
Convertible preferred stock dividends		1,093		-			3,241		-
Net income (loss) applicable to common stock for calculation of diluted earnings per share(1) (2)	$	6,446	$	(5,165	)	$	14,283	$	(14,588	)
Weighted average shares outstanding		8,779		8,401			8,637		8,209
Effect of convertible preferred stock		30,523		42,452			30,523		42,452
Restricted stock units		221		140			167		116
Stock units for deferred compensation plan for non-employee directors		81		7			54		7
Effect of stock options		9		-			-		-
Weighted average shares outstanding for calculation of diluted earnings per share(1)		39,613		51,000			39,381		50,784
Net income (loss) per common share
Basic	$	.61	$	(.61	)	$	1.28	$	(1.78	)
Diluted(2)		.16		(.61	)		.36		(1.78	)

 (1) For any period in which a loss is recorded, dividends on convertible preferred stock are not added back in the diluted per share calculation.  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.

(2) Basic income (loss) per share includes weighted average common shares outstanding during the period and participating share awards.

Weighted average stock options outstanding that were not included in weighted average shares outstanding for calculation of diluted earnings per share because they were anti-dilutive totaled 0.1 million and 0.2 million for the three-month periods ended September 30, 2012 and 2011, respectively and totaled 0.2 million and 0.1 million for the nine-month periods ended September 30, 2012 and 2011, respectively.The warrant to purchase 346,154 shares of our common stock (see Note #15) was not included in weighted average shares outstanding for calculation of diluted earnings per share in all periods in 2012 and 2011 as it was anti-dilutive.