XML 99 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings per Share
 12 Months Ended
Dec. 31, 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 year ended December 31, 2012, 2011 and 2010:
 
Year Ended December 31,
(In thousands, except per share amounts)
2012
 
2011
 
2010
NUMERATOR
 
 
 
 
 
Net income (loss)
$
13,347

 
$
(33,877
)
 
$
(26,269
)
Interest on 3.25% convertible senior subordinated notes due 2017
—

 
—

 
—

Net income (loss) available to common shareholders
13,347

 
(33,877
)
 
(26,269
)
DENOMINATOR
 
 
 
 
 
Basic weighted average shares outstanding
19,651

 
18,698

 
18,523

Effect of dilutive securities:
 
 
 
 
 
Stock option awards
92

 
—

 
—

Deferred compensation awards
148

 
—

 
—

3.25% convertible senior subordinated notes due 2017
—

 
—

 
—

Diluted weighted average shares outstanding - adjusted for assumed conversions
19,891

 
18,698

 
18,523

Earnings (loss) per common share
 
 
 
 
 
Basic
$
0.68

 
$
(1.81
)
 
$
(1.42
)
Diluted
$
0.67

 
$
(1.81
)
 
$
(1.42
)
Anti-dilutive equity awards not included in the calculation
 
 
 
 
 
of diluted earnings per common share
1,538

 
2,170

 
2,070



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 year ended December 31, 2012, the effect of 739,296 convertible shares related to our Convertible Senior Subordinated Notes was not included in the diluted earnings per share calculation as it would have been anti-dilutive. For the year ended December 31, 2011 and 2010, 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.