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NET (LOSS) INCOME PER COMMON SHARE
 9 Months Ended
Sep. 30, 2012
NET (LOSS) INCOME PER COMMON SHARE  
NET (LOSS) INCOME PER COMMON SHARE

7 - NET (LOSS) INCOME PER COMMON SHARE

 

The computation of basic net (loss) income per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted net loss (income) per share assumes the vesting of nonvested stock awards (refer to Note 20 — Nonvested Stock Awards), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.  Of the 935,287 nonvested shares outstanding at September 30, 2012 (refer to Note 20 — Nonvested Stock Awards), all are anti-dilutive.  The Company’s diluted net (loss) income per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive under the “if converted” method. The impact of the shares convertible under the Company’s convertible notes is excluded from the computation of diluted net (loss) income per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

 

The components of the denominator for the calculation of basic net (loss) income per share and diluted net (loss) income per share are as follows:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, basic:

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

42,885,810

 

35,157,110

 

41,290,719

 

35,149,912

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding, diluted:

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

42,885,810

 

35,157,110

 

41,290,719

 

35,149,912

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of convertible notes

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of restricted stock awards

 

—

 

55,730

 

—

 

62,129

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, diluted

 

42,855,810

 

35,212,840

 

41,290,719

 

35,212,041

 

 

The following table sets forth a reconciliation of the net (loss) income attributable to GS&T and the net (loss) income attributable to GS&T for diluted earnings per share under the “if-converted” method:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to GS&T

 

$

 (38,449

)

$

 1,562

 

$

 (99,289

)

$

 25,080

 

 

 

 

 

 

 

 

 

 

 

Interest expense related to convertible notes, if dilutive

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to GS&T for the computation of diluted net (loss) income per share

 

$

 (38,449

)

$

 1,562

 

$

 (99,289

)

$

 25,080