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WEIGHTED AVERAGE COMMON SHARES
3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
WEIGHTED AVERAGE COMMON SHARES

12. WEIGHTED AVERAGE COMMON SHARES

The weighted average number of common shares used to compute basic and diluted net (loss) income per share for the quarters ended March 31, 2013 and 2012 were as follows:

 

     For the Quarter Ended
March 31,
 
     2013      2012  
     (In thousands)  

Basic common shares outstanding

     66,428         66,844   

Common stock equivalents

     —            116   
  

 

 

    

 

 

 

Diluted common shares outstanding

     66,428         66,960   
  

 

 

    

 

 

 

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net (loss) income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock and restricted stock units were settled for common shares during the period.

 

Due to the fact that we reported a loss from continuing operations for the quarter ended March 31, 2013, potential common stock equivalents are excluded from the diluted common shares outstanding calculation. Per FASB ASC Topic 260 – Earnings Per Share, an entity that reports discontinued operations shall use income or loss from continuing operations as the benchmark for calculating diluted common shares outstanding, and as such, we have zero common stock equivalents since these shares would have an anti-dilutive effect on our net loss per share for the quarter ended March 31, 2013. For the quarter ended March 31, 2012, certain unexercised stock option awards and unvested restricted stock awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. The anti-dilutive awards that were excluded from our computations of diluted earnings per share were 4.2 million for the quarter ended March 31, 2012.

In addition to the common stock issued upon the exercise of employee stock options and the granting of restricted stock, we issued approximately 0.1 million shares for each of the quarters ended March 31, 2013 and 2012 upon the purchase of common stock pursuant to our employee stock purchase plan.