Basic and Diluted Net Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2011

Basic and Diluted Net Income (Loss) per Common Share

11. Basic and Diluted Net Income (Loss) per Common Share

The Company’s basic net income (loss) per common share is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period.  The Company’s diluted net income (loss) per common share is computed by dividing net income or loss by the weighted-average number of common shares outstanding plus any incremental shares arising from the dilutive effect of stock-based compensation.

The numerators and denominators used in computing basic and diluted net income (loss) per common share for the three months and six months ended June 30, 2011 and 2010 can be reconciled as follows (dollars in thousands, except per share data):

	Three months ended					Six months ended
	June 30,					June 30,
	2011		2010			2011		2010
Income (loss) before extraordinary net gain	$	2,011	$	(337	)	$	216	$	(11,613	)
Extraordinary gain on extinguishment of junior subordinated debentures, net of income taxes		-		-			32,839		-
Net income (loss)	$	2,011	$	(337	)	$	33,055	$	(11,613	)
Weighted-average shares outstanding - basic		47,071,512		2,804,975			40,164,747		2,804,688
Weighted-average shares outstanding - diluted		47,209,402		N/A			40,255,069		N/A
Common stock equivalent shares excluded due to antidilutive effect		137,890		48,334			90,322		48,597
Basic and diluted:
Income (loss) before extraordinary net gain per common share	$	0.04	$	(0.12	)	$	0.01	$	(4.14	)
Extraordinary net gain per common share		-		-			0.81		-
Net income (loss) per common share	$	0.04	$	(0.12	)	$	0.82	$	(4.14	)