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Net (Loss) Income per Share of Common Stock
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Net (Loss) Income per Share of Common Stock
Net (Loss) Income per Share of Common Stock

The following table sets forth the computation of basic and diluted (loss) earnings per share:
 
Three months ended June 30,
 
Six months ended June 30,
(dollars in thousands, except earnings per share)
2012
 
2011
 
2012
 
2011
Numerators for earnings per share —
 
 
 
 
 
 
 
—Net (loss) income that is available to common shareholders
$
(10,143
)
 
$
15,406

 
$
(9,502
)
 
$
14,405

Denominator for basic earnings per share —
 
 
 
 
 
Weighted average shares outstanding
20,837,843

 
20,099,003

 
20,803,629

 
20,027,493

Effect of stock options and restricted stock units
—

 
627,566

 
—

 
642,300

Effect of warrants
—

 
134,877

 
—

 
142,577

Total effect of dilutive securities (1)
—

 
762,443

 
—

 
784,877

Denominator for diluted earnings per share —
 
 
 
 
 
 
 
—Adjusted weighted average shares and assumed conversions
20,837,843

 
20,861,446

 
20,803,629

 
20,812,370

Basic (loss) earnings per share
$
(0.49
)
 
$
0.77

 
$
(0.46
)
 
$
0.72

Diluted (loss) earnings per share
$
(0.49
)
 
$
0.74

 
$
(0.46
)
 
$
0.69

______________________________
(1) The effect of employee stock options and restricted stock units, 437,680 and 424,483 shares for the three months and six months ended June 30, 2012, respectively, were anti-dilutive and thus not included in the earnings per share calculation. This amount would have been dilutive if not for the net loss.

When applicable, diluted shares outstanding include the dilutive impact of warrants and restricted stock units. Diluted shares also include the impact of in-the-money employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares.