Shareholders' Equity, Accumulated Other Comprehensive Income, and Earnings Per Share

9 Months Ended

Jun. 30, 2011

Stockholders' Equity Note Disclosure [Text Block]

NOTE 6. Shareholders’ Equity, Accumulated Other Comprehensive Income, and Earnings Per Share

          The components of accumulated other comprehensive income, net of tax, are presented below.

		Nine Months Ended June 30,
(in thousands)		2011			2010
Balance at September 30		$	4,850		$	3,933
Unrealized (losses) gains on securities available for sale			(8,621	)		2,643
Less:	Reclassification of other-than-temporary loss included in income for the period		710			2,623
	Tax benefit (expense)		3,075			(2,101	)
Total other comprehensive (loss) income			(4,836	)		3,165
Balance at June 30		$	14		$	7,098

          The following table displays the components of the numerators and denominators for the basic and diluted earnings per common share.

	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands, except per share data)	2011			2010			2011			2010
Net loss from continuing operations	$	(42,299	)	$	(12,535	)	$	(42,617	)	$	(37,748	)
Preferred stock dividends		812			813			2,437			2,440
Accretion on preferred stock discount		149			140			440			413
Net loss from continuing operations available to common shareholders		(43,260	)		(13,488	)		(45,494	)		(40,601	)
(Loss) income from discontinued operations (net of tax)		(701	)		506			354			2,131
Net loss available to common shareholders	$	(43,961	)	$	(12,982	)	$	(45,140	)	$	(38,470	)
Weighted average basic shares		16,527			16,527			16,527			16,506
Effect of dilutive stock options		—			—			—			—
Weighted average dilutive shares		16,527			16,527			16,527			16,506
Net loss per common share from continuing operations
Basic	$	(2.62	)	$	(0.82	)	$	(2.75	)	$	(2.46	)
Diluted		(2.62	)		(0.82	)		(2.75	)		(2.46	)
Net (loss) income per common share from discontinued operations
Basic	$	(0.04	)	$	0.03		$	0.02		$	0.13
Diluted		(0.04	)		0.03			0.02			0.13
Net loss per common share
Basic	$	(2.66	)	$	(0.79	)	$	(2.73	)	$	(2.33	)
Diluted		(2.66	)		(0.79	)		(2.73	)		(2.33	)

          As of June 30, 2011 and 2010 there were 683,791 and 972,840 potential additional shares issued through the exercise of stock options or warrants, respectively, which were excluded from the calculation of diluted earnings per share as a result of being anti-dilutive.