Note 5 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 5.    Earnings (Loss) Per Common Share

We are authorized to issue 500,000,000 shares of common stock, $0.25 par value per share, of which 342,638,214 shares were issued and outstanding at June 30, 2013.

The following table reconciles weighted average common shares used in the computations of basic and diluted earnings per share for the three- and six-month periods ended June 30, 2013 and 2012 (thousands, except per-share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Numerator
Net income (loss)	$	(24,858	)	$	2,524		$	(13,764	)	$	15,096
Preferred stock dividends		(138	)		(138	)		(276	)		(276	)
Net income (loss) applicable to common shares for basic and diluted earnings per share	$	(24,996	)	$	2,386		$	(14,040	)	$	14,820
Denominator
Basic weighted average common shares		303,566			285,312			294,317			285,303
Dilutive stock options and restricted stock		—			9,848			—			10,797
Diluted weighted average common shares		303,566			295,160			294,317			296,100
Basic earnings (loss) per common share
Net income (loss) applicable to common shares	$	(0.08	)	$	0.01		$	(0.05	)	$	0.05
Diluted earnings (loss) per common share
Net income (loss) applicable to common shares	$	(0.08	)	$	0.01		$	(0.05	)	$	0.05

Diluted income (loss) per share for the three- and six-month periods ended June 30, 2013 and 2012 excludes the potential effects of outstanding shares of our convertible preferred stock, as their conversion and exercise would have no effect on the calculation of dilutive shares.

For the three-month and six-month periods ended June 30, 2013, all outstanding options, restricted share units, and warrants were excluded from the computation of diluted earnings (loss) per share, as our reported net losses for those periods would cause their conversion and exercise to have no effect on the calculation of earnings (loss) per share.  For the three-month and six-month periods ended June 30, 2012, options to purchase 605,005 shares of our common stock were excluded from the computation of diluted earnings per share, as the exercise price of the options not included in the computations of diluted earnings per share exceeded the average price of our stock during those periods and therefore would not affect the calculation of earnings per share.