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Earnings per Share
 9 Months Ended
Sep. 30, 2012
Loss per Share [Abstract]  
Earnings Per Share [Text Block]
Earnings (Loss) Per Share

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income (loss) available to common shareholders and basic and diluted income (loss) per share for the three and nine months ended September 30, 2012 and 2011:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(In thousands, except per share amounts)
 
2012
 
2011
 
2012
 
2011
NUMERATOR
 
 
 
 
 
 
 
 
Net income (loss)
 
$
8,314

 
$
(4,718
)
 
$
8,332

 
$
(30,901
)
Interest on 3.25% convertible senior subordinated notes due 2017
 
128

 
—

 
—

 
—

Net income (loss) available to common shareholders
 
8,442

 
(4,718
)
 
8,332

 
(30,901
)
DENOMINATOR
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
19,434

 
18,728

 
19,014

 
18,685

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock option awards
 
187

 
—

 
92

 
—

Deferred compensation awards
 
127

 
—

 
132

 
—

3.25% convertible senior subordinated notes due 2017
 
525

 
—

 
—

 
—

Diluted weighted average shares outstanding - adjusted for assumed conversions
 
20,273

 
18,728

 
19,238

 
18,685

Earnings (loss) per common share
 
 
 
 
 
 
 
 
Basic
 
$
0.43

 
$
(0.25
)
 
$
0.44

 
$
(1.65
)
Diluted
 
$
0.42

 
$
(0.25
)
 
$
0.43

 
$
(1.65
)
Anti-dilutive equity awards not included in the calculation
 
 
 
 
 
 
 
 
of diluted earnings per common share
 
695

 
2,167

 
1,003

 
2,186



During the third quarter of 2012, the Company issued $57.5 million aggregate principal amount of 2017 Convertible Senior Subordinated Notes that are initially convertible into the Company's common shares at a conversion rate of 42.0159 shares per $1,000 of their principal amount (subject to adjustment upon the occurrence of certain events). This corresponds to an initial conversion price of approximately $23.80 per common share and results in a maximum number of additional common shares in our diluted earnings per share calculation above of approximately 2.4 million common shares. During the third quarter of 2012, the Company also issued 2.53 million common shares in a public offering at a price of $17.63 per share (for net proceeds of $42.1 million), which shares are included above in our total basic weighted average shares outstanding.

For the nine month period ended September 30, 2012, the effect of convertible debt was not included in the diluted earnings per share calculations as it would have been anti-dilutive. For the three and nine months ended September 30, 2011, the effects of outstanding shares underlying deferred compensation awards and outstanding options to purchase common shares were not included in the diluted earnings per share calculations as they would have been anti-dilutive due to the Company’s net loss for the respective periods.