Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

17. EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive potential common shares which, in the Company's case, include shares issuable under the equity compensation plans described in Note 12 of the consolidated financial statements. The weighted average number of shares and conversions utilized in the calculation of diluted earnings per share does not include potential anti-dilutive common shares aggregating 993,000, 1,041,000, and 1,222,000 at December 31, 2011, 2010, and 2009, respectively. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the restricted stock and restricted stock awards assumed to have vested.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31 (in thousands):

		2011		2010			2009
Numerator:
Income (loss) from continuing operations	$	9,216	$	(75,356	)	$	(39,572	)
Income (loss) from discontinued operations		7,307		(15,712	)		(12,453	)
Net income (loss) available to common shareholders	$	16,523	$	(91,068	)	$	(52,025	)
Denominator for basic earnings per share:
Weighted average shares outstanding		30,507		30,303			30,135
Denominator for diluted earnings per share:
Common stock options and restricted stock		143		–			–
Weighted average shares and conversions		30,650		30,303			30,135

For the years ended December 31, 2010 and 2009, all stock options, unvested restricted stock, and unvested restricted stock units were anti-dilutive and, therefore, not included in the dilutive loss per share calculation. The number of weighted average stock options, unvested restricted stock, and unvested restricted stock units that were not included in the dilutive loss per share calculation because the effect would have been anti-dilutive was 157,695 and 193,131 shares for the years ended December 31, 2010 and 2009, respectively.