EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

6. EARNINGS PER SHARE

ALC computes earnings per share under two different methods, basic and diluted, and presents per share data for all periods in which statements of operations are presented.  Basic earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding.  Diluted earnings per share are computed by dividing net income by the weighted average number of common stock and common stock equivalents outstanding.  Common stock equivalents consist of incremental shares available upon conversion of Class B common shares which are convertible into Class A common shares at a rate of 1.075 Class A common shares per Class B common share.

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three month periods ended March 31, 2013 and 2012.

	2013			2012
	(In thousands,  except per share data)
Basic earnings per share calculation :
Net (loss)/income to common stockholders	$	(8,212	)	$	5,649
Weighted average number of common shares outstanding		22,971			22,969
Basic net (loss)/income per share	$	(0.36	)	$	0.25
Diluted earnings per share calculation :
Net (loss)/income to common stockholders	$	(8,212	)	$	5,649
Weighted average number of common shares outstanding		22,971			22,969
Assumed conversion of Class B shares		—			219
Effect of dilutive stock options		—			70
Diluted weighted average number of common shares outstanding		22,971			23,258
Diluted net (loss)/income per share	$	(0.36	)	$	0.24