Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings per Share – Predecessor

A reconciliation of weighted average shares used to compute basic and diluted earnings per share is as follows (dollars in thousands, except per share data):

	Predecessor
	Period From July 1, 2010 Through September 30, 2010
			Year Ended June 30, 2010
Net income	$	51,300	$	220,546
Basic weighted average shares	135,232,827		133,845,238
Incremental shares resulting from assumed conversions:
Stock based compensation and warrants	5,069,928		4,334,707
Diluted weighted average shares	140,302,755		138,179,945
Earnings per share:
Basic	$	0.38	$	1.65
Diluted	$	0.37	$	1.60

As a result of the Merger, our stock is no longer publicly traded and earnings per share is no longer required.

Basic earnings per share was computed by dividing net income by weighted average shares outstanding.

Diluted earnings per share was computed by dividing net income by the diluted weighted average shares, including incremental shares. The treasury stock method was used to compute the assumed incremental shares related to our outstanding stock-based compensation and warrants. The average common stock market prices for the periods were used to determine the number of incremental shares. Options to purchase 0.7 million shares of common stock for fiscal 2010 were not included in the computation of diluted earnings per share because the option exercise price was greater than the average market price of the common shares. Warrants to purchase 18.8 million shares of common stock for fiscal 2010 were not included in the computation of diluted earnings per share because the exercise price was greater than the average market price of the common shares.