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Earnings (Loss) Per Share | 12 Months Ended
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Dec. 31, 2011
Earnings (Loss) Per Share [Abstract] |
Earnings (Loss) Per Share |
13. | Earnings (Loss) Per Share
Basic earnings (loss) per share (“EPS”) amounts are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive common shares outstanding. The following table shows the basic and diluted earnings (loss) per share for 2011 and 2010:
|  | For the year ended December 31, 2011 |
|  | Net income |  |  | Shares (000) |  |  | Per-Share |
Net income |  | $ | 11,325 |  |  |  |  |  |  |
Amount allocated to common shareholders |  |  | 91.87 | % |  |  |  |  |  |
Basic EPS: |  |  |  |  |  |  |  |  |  |
Income allocable to common shareholders |  | $ | 10,404 |  |  |  | 91,854 |  |  | $ | 0.11 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Share-based stock awards |  |  |  |  |  |  | 403 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Income applicable to common shareholders with assumed conversion |  | $ | 10,404 |  |  |  | 92,257 |  |  | $ | 0.11 |
|  | For the year ended December 31, 2010 |
|  | Net income |  |  | Shares (000) |  |  | Per-Share |
Net income |  | $ | 59,971 |  |  |  |  |  |  |  |
Amount allocated to common shareholders |  |  | 91.79 | % |  |  |  |  |  |  |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Income allocable to common shareholders |  | $ | 55,046 |  |  |  | 92,676 |  |  | $ | 0.59 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Share-based stock awards |  |  | - |  |  |  | 626 |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Income applicable to common shareholders with assumed conversion |  | $ | 55,046 |  |  |  | 93,302 |  |  | $ | 0.59 |
During 2009, we reported net losses, so any dilutive common shares would be antidilutive to EPS. The following table shows the basic and diluted earnings (loss) per share for 2009:
|  | Net income (loss) |  |  | Shares (000) |  |  | Per-Share |
Basic and Diluted EPS: |  |  |  |  |  |  |  |  |
Year ended December 31, 2009 |  | $ | (205,982 | ) |  |  | 75,343 |  |  | $ | (2.73 | )
Impact of issuance of Series A Convertible Preferred Stock on EPS Our Series A Convertible preferred stock has similar characteristics of a “participating security” as described by ASC 260-10-45. In accordance with the guidance in the ASC 260-10-45, we calculated basic EPS using the Two-Class Method, allocating undistributed income to our preferred shareholder consistent with their participation rights, and diluted EPS using the If-Converted Method when applicable. ASC 260-10-50 does not require the presentation of basic and diluted EPS for securities other than common stock and the EPS amounts, as presented, only pertain to our common stock. The Two-Class Method is an earnings allocation formula that determines earnings (loss) per share for common shares and participating securities according to dividends declared (or accumulated) and the participation rights in undistributed earnings. Our preferred stock is a non-cumulative perpetual participating convertible preferred stock with no set dividend preferences. See Note 7 Shareholders' Equity for additional information about the rights and features of the preferred stock. The holders of our convertible preferred stock do not have a contractual obligation to share in our losses. Thus, in periods where we report net losses, we do not allocate these losses to the convertible preferred stock for the computation of basic or diluted EPS. For the calculation of basic and diluted EPS using the Two-Class Method in 2009, we did not allocate any of our undistributed net loss to the convertible preferred stock. Calculation of EPS For the period ended December 31, 2011, 632,334 options to purchase common stock and 347,191 service-based share awards were outstanding. For the period ended December 31, 2010, 675,575 options to purchase common stock and 551,382 service-based share awards were outstanding. For the period ended December 31, 2009, 692,075 options to purchase common stock and 501,203 service-based share awards were outstanding, but all options, service-based awards and shares to be issued upon the assumed conversion of our convertible debt were excluded from the calculation of diluted EPS because of their antidilutive effect on earnings per share.
Excluded from the calculation of diluted EPS: |  |  |  |  |  |  |  |  |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Stock options (1) |  |  | 353,000 |  |  |  | 377,000 |  |  |  | 692,075 |
Service-based share award |  |  | - |  |  |  | - |  |  |  | 501,203 |
Shares to be issued upon the assumed conversion of convertible debt (2) |  |  | - |  |  |  | - |  |  |  | - |
(1) | These stock option awards were excluded from the calculation of diluted EPS because the exercise price of these options was greater than the average market price of the underlying common stock, except in years when we had a net loss where all options were excluded because of their antidilutive effect on earnings per share.
(2) | In periods in which our 1.75% Notes were outstanding, the average price for our common stock was below the conversion price of our 1.75% Notes.

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