Loss Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Text Block]

(12) Loss Per Common Share

          Basic loss and earnings per common share is computed by dividing the loss from continuing operations, income from discontinued operations, and net loss and income by the weighted average number of shares of common stock outstanding during the period. Restricted stock awards and restricted stock units (collectively, nonvested shares) are not considered to be outstanding shares until the service or performance vesting period has been completed.

          The diluted loss and earnings per share calculation would normally involve adjusting both the denominator and numerator as described here if the effect is dilutive. The denominator would include both the weighted average number of shares of common stock outstanding and common stock equivalents. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method, shares issuable under the employee stock purchase plan (ESPP), and the number of shares issuable upon conversion of the Company’s 4% convertible senior notes payable. In the case of notes payable, the diluted earnings per share calculation would be further affected by an add-back of interest to the numerator under the assumption that the interest would not have been incurred if the notes were converted into common stock.

          In a period in which a loss from continuing operations is reported, all computations of diluted per-share amounts for that period must be made exclusive of potential dilutive shares and the add-back of interest. Accordingly, for each of the three years ended December 31, 2011, 2010 and 2009, diluted loss and earnings per share for discontinued operations and net loss and income are the same as the corresponding basic loss and earnings per share.

          The following table illustrates the computation of basic and diluted loss and earnings per share for the years ended December 31, 2011, 2010 and 2009 (in thousands):

	Year Ended December 31,
	2011			2010			2009
(Loss) Earnings Per Common Share – Basic and Diluted:
Loss from continuing operations	$	(20,763	)	$	(2,800	)	$	(57,202	)
Income and gain from discontinued operations, net	$	—		$	180,043		$	57,885
Net (loss) income	$	(20,763	)	$	177,243		$	683
Weighted average common shares outstanding		51,910			58,466			45,186
Basic and diluted (loss) earnings per share:
Continuing operations	$	(0.40	)	$	(0.05	)	$	(1.26	)
Discontinued operations	$	—		$	3.08		$	1.28
Net (loss) income	$	(0.40	)	$	3.03		$	0.02

          For the years ended December 31, 2011, 2010 and 2009, the Company had potentially dilutive common stock equivalents excluded from the computation of diluted earnings per share amounting to 17.4 million, 18.8 million, and 35.4 million shares, respectively.