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Earnings Per Share Computation (Tables)
 6 Months Ended
Jun. 30, 2012
Earnings Per Share Computation  
Schedule of calculation of weighted average basic and fully diluted shares

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2012

 

2011

 

2012

 

2011

Basic EPS:

 

 

 

 

 

 

 

 

Net income (loss)

 

  $

(101,661)

 

  $

(2,924)

 

  $

(103,759)

 

  $

(3,832)

Preferred stock dividends

 

(1,432)

 

(1,437)

 

(2,863)

 

(2,875)

 

 

  $

(103,093)

 

  $

(4,361)

 

  $

(106,622)

 

  $

(6,707)

Income (loss) allocated to participating securities (1)

 

-

 

-

 

-

 

-

Net income (loss) available to common stockholders

 

  $

(103,093)

 

  $

(4,361)

 

  $

(106,622)

 

  $

(6,707)

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic earnings per common share

 

25,239,460

 

25,063,669

 

25,202,313

 

25,050,469

Basic earnings per share

 

  $

(4.08)

 

  $

(0.17)

 

  $

(4.23)

 

  $

(0.27)

 

 

 

 

 

 

 

 

 

Diluted EPS:

 

 

 

 

 

 

 

 

Net income (loss)

 

  $

(101,661)

 

  $

(2,924)

 

  $

(103,759)

 

  $

(3,832)

Preferred stock dividends

 

(1,432)

 

(1,437)

 

(2,863)

 

(2,875)

 

 

  $

(103,093)

 

  $

(4,361)

 

  $

(106,622)

 

  $

(6,707)

Income (loss) allocated to participating securities (1)

 

-

 

-

 

-

 

-

Net income (loss) available to common stockholders

 

  $

(103,093)

 

  $

(4,361)

 

  $

(106,622)

 

  $

(6,707)

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic earnings per common share

 

25,239,460

 

25,063,669

 

25,202,313

 

25,050,469

Dilutive effect of potential shares (2)

 

N/A

 

N/A

 

N/A

 

N/A

Weighted average shares outstanding for diluted earnings per common share

 

25,239,460

 

25,063,669

 

25,202,313

 

25,050,469

Diluted earnings per share

 

  $

(4.08)

 

  $

(0.17)

 

  $

(4.23)

 

  $

(0.27)

 

 

 

 

 

 

 

 

 

Participating securities (1)

 

208,475

 

126,625

 

208,475

 

126,625

 

 

 

 

 

 

 

 

 

Potential dilutive common shares (2)

 

17,223,588

 

17,201,417

 

17,223,588

 

17,201,417

 

(1)           For the three and six months ended June 30, 2012 and 2011, 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, 2012 and 2011, 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.