EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 8—EARNINGS PER SHARE

        Basic earnings per share are computed by dividing net income by the weighted-average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share except that the weighted-average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

        The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income per share computations during the three and nine months ended September 30, 2012 and 2011.

	Three Months Ended September 30						Nine Months Ended September 30
	2012			2011			2012			2011
	(dollars in thousands, except per share amounts)
Net income (loss) from continuing operations	$	5,336		$	(41,517	)	$	45		$	(44,388	)
Loss from discontinued operations		(23	)		—			(278	)		—
Net income (loss) available to common stockholders	$	5,313		$	(41,517	)	$	(233	)	$	(44,388	)
Shares outstanding:
Weighted average shares outstanding		28,047,046			27,880,204			27,997,360			27,800,075
Effect of diluted securities		368,962			—			325,533			—
Diluted shares outstanding		28,416,008			27,880,204			28,322,893			27,800,075
Basic net income (loss) per common share:
Continuing operations	$	0.19		$	(1.49	)	$	—		$	(1.60	)
Discontinued operations		—			—			(0.01	)		—
Basic net income (loss) per common share	$	0.19		$	(1.49	)	$	(0.01	)	$	(1.60	)
Diluted net income (loss) per common share:
Continuing operations	$	0.19		$	(1.49	)	$	—		$	(1.60	)
Discontinued operations		—			—			(0.01	)		—
Diluted net income (loss) per common share	$	0.19		$	(1.49	)	$	(0.01	)	$	(1.60	)

        The dilutive EPS calculations do not include the following potential dilutive securities for each of the three and nine months ending September 30 because they were anti-dilutive.

	Three Months Ended September 30				Nine Months Ended September 30
	2012		2011		2012		2011
Weighted-average stock options outstanding		330,200		815,800		491,283		752,333
Weighted-average restricted stock units outstanding		—		246,100		—		285,484
		330,200		1,061,900		491,283		1,037,817