Earnings Per Share Computation

6 Months Ended

Jun. 30, 2011

Earnings Per Share Computation [Abstract]

Earnings Per Share Computation

Note 4 — Earnings Per Share Computation

We follow FASB ASC Topic 260, “Earnings Per Share,” which requires the computation and disclosure of two earning per share (“EPS”) amounts, basic and diluted. Basic EPS is computed based on the weighted average number of common shares actually outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares outstanding plus all potentially dilutive common shares outstanding during the period. Potential common shares which have an anti-dilutive effect are excluded from diluted earnings per share. The provisions of FASB ASC Topic 260 also provide that unvested share-based payment awards which contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. We determined our outstanding shares of non-vested restricted stock are participating securities.

The following table reflects the calculation of weighted average basic and fully diluted shares for the periods ended June 30. Dollar amounts are in thousands, except share data:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Basic EPS:
Net loss	$	(2,924	)	$	(3,145	)	$	(3,832	)	$	(5,647	)
Preferred stock dividends		(1,437	)		(1,437	)		(2,875	)		(2,875	)
	$	(4,361	)	$	(4,582	)	$	(6,707	)	$	(8,522	)
Loss allocated to participating securities (1)		—			—			—			—
Net loss available to common stockholders	$	(4,361	)	$	(4,582	)	$	(6,707	)	$	(8,522	)
Weighted average shares outstanding for basic earnings per common share		25,063,669			24,996,955			25,050,469			23,877,958
Basic earnings per share	$	(0.17	)	$	(0.18	)	$	(0.27	)	$	(0.36	)
Diluted EPS:
Net loss	$	(2,924	)	$	(3,145	)	$	(3,832	)	$	(5,647	)
Preferred stock dividends		(1,437	)		(1,437	)		(2,875	)		(2,875	)
	$	(4,361	)	$	(4,582	)	$	(6,707	)	$	(8,522	)
Loss allocated to participating securities (1)		—			—			—			—
Net loss available to common stockholders	$	(4,361	)	$	(4,582	)	$	(6,707	)	$	(8,522	)
Weighted average shares outstanding for basic earnings per common share		25,063,669			24,996,955			25,050,469			23,877,958
Dilutive effect of potential shares (2)		N/A			N/A			N/A			N/A
Weighted average shares outstanding for diluted earnings per common share		25,063,669			24,996,955			25,050,469			23,877,958
Diluted earnings per share	$	(0.17	)	$	(0.18	)	$	(0.27	)	$	(0.36	)
Participating securities (1)		126,625			65,625			126,625			65,625
Potential dilutive common shares (2)		17,201,417			17,149,267			17,201,417			17,149,267

(1)	For the three and six months ended June 30, 2011 and 2010, participating securities, which do not participate in losses, were not included in the calculations of earnings per share, as we were in a loss position and their inclusion would have been anti-dilutive.
(2)	For the three and six months ended June 30, 2011 and 2010, potential dilutive common shares, which include stock options, unvested restricted stock, warrants and the conversion of preferred stock, were not included in the computation of diluted earnings per share, as we were in a loss position and their inclusion would have been anti-dilutive.