Earnings Per Share

3 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 9 – Earnings Per Share

Basic earnings per share for the three months ended June 30, 2011 and 2010 has been determined by dividing net income available to common stockholders for the respective periods by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding plus the effect of dilutive securities. The effects of dilutive securities are computed using the treasury stock method.

	Three Months Ended June 30,
	2011			2010
	(in thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share—income (loss) available to common stockholders	$	(8,154	)	$	(15,522	)
Denominator:
Denominator for basic earnings per share—weighted-average shares		21,248			21,251
Effect of dilutive securities:
Employee stock options		—			—
Management Recognition Plans		—			—
Denominator for diluted earnings per share—adjusted weighted-average shares and assumed conversions		21,248			21,251
Basic loss per common share	$	(0.38	)	$	(0.73	)
Diluted loss per common share	$	(0.38	)	$	(0.73	)

At June 30, 2011, approximately 409,000 stock options were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Treasury’s warrants to purchase approximately 7.4 million shares at an exercise price of $2.23 were also not included in the computation of diluted earnings per share because the warrants’ exercise price was greater than the average market price of common stock and was, therefore, anti-dilutive. Because of their anti-dilutive effect, the shares that would be issued if Treasury’s Senior Preferred Stock were converted into common stock are not included in the computation of diluted earnings per share for the three months ended June 30, 2011 and 2010.