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Earnings per share | 3 Months Ended
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Mar. 31, 2012
Earnings Per Share [Abstract] |
Earnings per share | Earnings per share Basic earnings 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 per share for three months ended March 31, 2012 and 2011:
| For the three months ended March 31,
| 2012 |  | 2011
| Income | Shares (000) | Per-Share |  | Income | Shares (000) | Per-Share
Net income (loss) | $ | (4,401 | ) |  |  |  | $ | 25,046 |  |  |
Amount allocated to common shareholders | 100 | % |  |  |  | 91.85 | % |  |
Basic EPS: |  |  |  |  |  |  |
Income (loss) allocable to common shareholders | (4,401 | ) | 88,727 |  | $ | (0.05 | ) |  | 23,005 |  | 92,965 |  | $ | 0.25 |
Effect of Dilutive Securities: |  |  |  |  |  |  |
Stock compensation plans | — |  | — |  |  |  | — |  | 332 |  |
Diluted EPS: |  |  |  |  |  |  |
Income (loss) applicable to common shareholders with assumed conversion | $ | (4,401 | ) | 88,727 |  | $ | (0.05 | ) |  | $ | 23,005 |  | 93,297 |  | $ | 0.25 |
Impact of our outstanding 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 “Participating Securities and the Two-Class Method”. In accordance with the guidance in the ASC 260-10-45, we calculate basic EPS using the Two-Class Method, allocating undistributed income to our preferred shareholder consistent with its participation rights, and diluted EPS using the If-Converted Method, when applicable. The generally accepted accounting principles for reporting EPS do 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 per share for common shares and participating securities according to dividends declared (or accumulated) and the participation rights in undistributed earnings. The holders of our convertible preferred stock do not have a contractual obligation to share in the losses of Century. Thus, in periods where we report net losses, we will not allocate the net losses to the convertible preferred stock for the computation of basic or diluted EPS. Calculation of EPS:
| Three months ended March 31,
| 2012 | 2011
Options to purchase common stock outstanding | 632,334 |  | 650,011 |
Weighted average service-based stock awards outstanding | 345,524 |  | 218,000 |
Excluded from the calculation of diluted EPS: |  |
Stock options (1) | 632,334 |  | 349,000 |
Service-based share award | 345,524 |  | — |
(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 periods when we had a net loss where all option were excluded because of their antidilutive effect on earnings per share.
During the three months ended March 31, 2012, we repurchased 400,000 shares of our common stock under a stock repurchase program (See Note 5 Shareholders’ Equity for additional information about this program). Shares repurchased under the program are excluded from the calculation of weighted average shares of common stock outstanding. Service-based stock for which vesting is based upon continued service is not considered issued and outstanding shares of common stock until vested and issued. However, the service-based stock is considered a common stock equivalent and, therefore, the weighted average service-based stock is included, using the treasury stock method, in common shares outstanding for diluted earnings per share computations if they have a dilutive effect on earnings per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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