EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE J — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted loss per share:

	Three Months Ended
	March 31
	2013			2012
	(in thousands, except share and per share data)
Basic
Numerator:
Net loss	$	(13,395	)	$	(18,162	)
Effect of unvested restricted stock awards	(38		)	(34		)
Adjusted net loss	$	(13,433	)	$	(18,196	)
Denominator:
Weighted-average shares	25,638,333			25,455,607
Loss per common share	$	(0.52	)	$	(0.71	)
Diluted
Numerator:
Net loss	$	(13,395	)	$	(18,162	)
Effect of unvested restricted stock awards	(38		)	(34		)
Adjusted net loss	$	(13,433	)	$	(18,196	)
Denominator:
Weighted-average shares	25,638,333			25,455,607
Effect of dilutive securities	—			—
Adjusted weighted-average shares and assumed conversions	25,638,333			25,455,607
Loss per common share	$	(0.52	)	$	(0.71	)

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock and restricted stock units, which are considered participating securities. For the three months ended March 31, 2013 and 2012, outstanding stock awards of 0.7 million and 0.8 million were not included in the diluted loss per share calculations because their inclusion would have the effect of decreasing the loss per share.