| EARNINGS (LOSS) PER SHARE |
22. | EARNINGS (LOSS) PER SHARE |
The table below presents the information used to compute basic and diluted earnings (loss) per share for the years ended December 31, 2011, 2010 and 2009: | | Year Ended December 31, | | | | 2011 | | | 2010 | | | 2009 | | | | (In thousands, except per share data) | | | | | | | | | | | | Net income (loss) | $ | 36,571 | | | $ | (250,953 | ) | | $ | (313,747 | ) | Preferred stock dividends, accretion of discount and | | | | | | | | | | | | conversion of preferred stock to common stock | | (83,897 | ) | | | 8,432 | | | | 7,946 | | Net income (loss) available to common shareholders | $ | 120,468 | | | $ | (259,385 | ) | | $ | (321,693 | ) | | | | | | | | | | | | | | Weighted average shares outstanding - basic | | 35,891 | | | | 1,516 | | | | 1,459 | | Dilutive effect of employee stock options and awards | | 415 | | | | - | | | | - | | Dilutive effect of deferred salary restricted stock units | | 16 | | | | - | | | | - | | Dilutive effect of Treasury warrants | | 20 | | | | - | | | | - | | Weighted average shares outstanding - diluted | | 36,342 | | | | 1,516 | | | | 1,459 | | | | | | | | | | | | | | | Basic earnings (loss) per share | $ | 3.36 | | | $ | (171.13 | ) | | $ | (220.56 | ) | Diluted earnings (loss) per share | $ | 3.31 | | | $ | (171.13 | ) | | $ | (220.56 | ) |
A total of 40,166, 128,677 and 145,152 potentially dilutive securities have been excluded from the dilutive share calculation for the year ended December 31, 2011, 2010 and 2009, respectively, as their effect was antidilutive. |