Note 13 - Income (Loss) per Common Share

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

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.

Note 13: Income per Common Share

We calculate basic earnings per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted earnings per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock method for options, warrants, and restricted stock units, and if-converted method for convertible preferred shares.

Potential dilutive common shares include outstanding stock options, restricted stock awards, stock units, warrants and convertible preferred stock for periods in which we have reported net income. For periods in which we reported net losses, potential dilutive common shares are excluded, as their conversion and exercise would not reduce earnings per share. Under the if-converted method, preferred shares would not dilute earnings per share in any of the periods presented.

A total of 157,814 shares of preferred stock were outstanding at December 31, 2012.

The following table represents net income per common share – basic and diluted (in thousands, except earnings per share): 

	Year ended December 31,
	2012			2011			2010
Numerator
Net income	$	14,954		$	151,164		$	48,983
Preferred stock dividends		(552	)		(552	)		(13,633	)
Net income applicable to common shares	$	14,402		$	150,612		$	35,350
Denominator
Basic weighted average common shares		285,375			280,956			251,146
Dilutive stock options, restricted stock, and warrants		12,191			16,077			18,455
Diluted weighted average common shares		297,566			297,033			269,601
Basic earnings per common share	$	0.05		$	0.54		$	0.14
Diluted earnings per common share	$	0.05		$	0.51		$	0.13

For the years ended December 31, 2012, 2011 and 2010, we excluded options whose exercise prices exceeded the average prices of our stock during the periods, as their exercises would not have reduced earnings per share. The following options were excluded:

	Year ended December 31,
	2012		2011		2010
Stock options		570,005		552,388		596,388