Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Net (Loss) Income per Share

Net Income (Loss) Per Share

The computation of the Company's basic and diluted net income (loss) per share is as follows:

	Year Ended December 31,
	2011			2010			2009
	(In thousands, except per share data)
Numerator for basic and diluted income (loss) per common share:
Net income (loss)	$	75,192		$	(2,788	)	$	31,409
Less: Series A preferred stock dividends	—			(25,927		)	(19,531		)
Less: Accretion of Series B preferred stock	(2,573		)	(2,432		)	(2,291		)
Less: Net (income) loss allocated to unvested participating restricted stock	(1,886		)	1,173			(351		)
Net income (loss) available to common stockholders - basic	70,733			(29,974		)	9,236
Effect of unvested participating restricted stock	34			—			—
Effect of dilutive securities:
Convertible Series B preferred stock	—			—			—
Numerator - net income available to common shareholders - diluted	$	70,767		$	(29,974	)	$	9,236
Denominator:
Weighted average outstanding shares of common stock - basic	17,846			17,240			16,917
Effect of dilutive securities:
Stock options	339			—			—
Convertible Series B preferred stock	—			—			—
Weighted average outstanding shares of common stock - diluted	18,185			17,240			16,917
Net income (loss) per common share:
Basic	$	3.96		$	(1.74	)	$	0.55
Diluted	$	3.89		$	(1.74	)	$	0.55

For the years ended December 31, 2010 and 2009, diluted loss per common share is computed using the basic weighted average number of common shares outstanding during the period, as the 992,600 and 848,000 shares, respectively, from common stock equivalents would have been antidilutive.