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LOSS PER SHARE | 12 Months Ended
--- | ---
Dec. 31, 2012
LOSS PER SHARE |
LOSS PER SHARE | NOTE 13 LOSS PER SHARE As previously discussed in Note 11, the Company completed a rights issue during December 2012. As per ASC 260-10-55-13 to ASC 260-10-55-14, a rights issue in which the exercise price at issuance is less than the fair value of the stock contains a bonus element that is somewhat similar to a stock dividend. If a rights issue contains a bonus element and the rights issue is offered to all existing shareholders, basic and diluted earnings per share shall be adjusted retroactively for the bonus element for all periods presented. Since the Company offered the right to all existing shareholders at a 50% discount, a bonus element was present. The Company determined the bonus element to be an additional 10.6 million shares which would be added to the denominator that was used in computing basic and diluted earnings per share in 2011 and 2010. The calculation of the bonus element gave rise to the following adjustments to the weighted average number of common shares and loss per common share for the years ended December 31, 2011 and 2010:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (in thousands, except per share) |
Weighted average number of common shares, as reported |  |  | 137,046 |  |  | 121,987 |
Adjustment |  |  | 10,646 |  |  | 10,646 |
Weighted average number of common shares, as adjusted |  |  | 147,692 |  |  | 132,633 |
Loss per common share, as reported |  | $ | 0.45 |  | $ | 0.27 |
Adjustment |  |  | (0.03 | ) |  | (0.02 | )
Loss per common share, as adjusted |  | $ | 0.42 |  | $ | 0.25 |
The computations for basic loss per common share are as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
|  | (in thousands, except per share) |
Net loss for the year |  | $ | 66,654 |  | $ | 61,872 |  | $ | 33,091 |
Weighted average number of common shares |  |  | 261,223 |  |  | 147,692 |  |  | 132,633 |
Loss per common share |  | $ | 0.26 |  | $ | 0.42 |  | $ | 0.25 |

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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=7655603&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=16381557&loc=d3e4984-109258 Reference 3: 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 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=7655603&loc=d3e1278-109256 Reference 5: 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 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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