Earnings per Share

3 Months Ended

Mar. 31, 2013

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 months ended March 31, 2013 and 2012:

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2013			2012
NUMERATOR
Net income (loss)	$	4,587		$	(3,186	)
Excess of fair value over book value of preferred shares subject to redemption	(2,190		)	—
Net income (loss) to common shareholders	2,397			(3,186		)
DENOMINATOR
Basic weighted average shares outstanding	22,273			18,772
Effect of dilutive securities:
Stock option awards	296			—
Deferred compensation awards	119			—
Diluted weighted average shares outstanding - adjusted for assumed conversions	22,688			18,772
Earnings (loss) per common share
Basic	$	0.11		$	(0.17	)
Diluted	$	0.11		$	(0.17	)
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share	856			2,227

On March 11, 2013, the Company announced its intention to redeem 2,000 of its outstanding Series A Preferred Shares on April 10, 2013 and recognized a $2.2 million non-cash equity charge related to the excess of fair value over carrying value relating primarily to the original issuance costs that were paid in 2007, which reduced net income to common shareholders in the earnings per share calculation above for the quarter ended March 31, 2013. On April 10, 2013, the redemption was completed. Refer to Note 15 of our Unaudited Condensed Consolidated Financial Statements for additional details.

During the quarter ended March 31, 2013, the Company also issued 2.461 million common shares in a public offering at a price of $23.50 per share (for net proceeds of $54.6 million), which shares are included above in our total basic weighted average shares outstanding.