Note 5 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 5.    Earnings Per Common Share

We are authorized to issue 500,000,000 shares of common stock, $0.25 par value per share. At September 30, 2013, there were 343,559,935 shares of our common stock issued and 921,721 shares issued and held in treasury, for a net of 342,638,214 shares outstanding.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator
Net income (loss)	$	(8,458	)	$	(885	)	$	(22,222	)	$	14,211
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net income (loss) applicable to common shares for basic and diluted earnings per share	$	(8,596	)	$	(1,023	)	$	(22,636	)	$	13,797
Denominator
Basic weighted average common shares		342,638			285,492			310,601			285,400
Dilutive stock options and restricted stock		—			—			—			11,339
Diluted weighted average common shares		342,638			285,492			310,601			296,739
Basic earnings per common share
Net income applicable to common shares	$	(0.03	)	$	—		$	(0.07	)	$	0.05
Diluted earnings per common share
Net income applicable to common shares	$	(0.03	)	$	—		$	(0.07	)	$	0.05

Diluted income (loss) per share for the three- and nine-month periods ended September 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 nine-month periods ended September 30, 2013 and the three-month period ended September 30, 2012, 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. Options to purchase 570,005 shares of our common stock were excluded from the computation of diluted earnings per share for the nine-month period ended September 30, 2012, 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.