Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

NOTE 7. Earnings Per Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2012		2011			2012		2011
Net income (loss) from continuing operations	$	6,667	$	2,881		$	20,990	$	(38,760	)
Preferred stock dividends		813		813			2,438		2,438
Accretion on preferred stock discount		160		151			474		446
Net income (loss) from continuing operations available to common shareholders		5,694		1,917			18,078		(41,644	)
Loss from discontinued operations, net of tax		—		(1,804	)		—		(3,593	)
Net income (loss) available to common shareholders	$	5,694	$	113		$	18,078	$	(45,237	)
Weighted average basic shares		16,527		16,527			16,527		16,527
Effect of dilutive stock options		2		—			1		—
Weighted average dilutive shares		16,529		16,527			16,528		16,527
Net income (loss) per common share from continuing operations
Basic	$	0.34	$	0.12		$	1.09	$	(2.52	)
Diluted		0.34		0.12			1.09		(2.52	)
Net loss per common share from discontinued operations
Basic	$	—	$	(0.11	)	$	—	$	(0.22	)
Diluted		—		(0.11	)		—		(0.22	)
Net income (loss) per common share
Basic	$	0.34	$	0.01		$	1.09	$	(2.74	)
Diluted		0.34		0.01			1.09		(2.74	)

          As of September 30, 2012 and 2011, there were 590,246 and 743,333 potential additional shares issued through the exercise of stock options and warrants, respectively, which were excluded from the calculation of diluted earnings per share as a result of being anti-dilutive.