Annual report pursuant to Section 13 and 15(d)

Earnings per Share

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Earnings per Share
 12 Months Ended
Dec. 31, 2011
Earnings per Share [Abstract]  
Earnings per Share
(3) Earnings per Share

Basic net income (loss) per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net income (loss) per common share adjusts the weighted average common shares outstanding for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options, restricted stock and restricted stock units) were exercised or converted into common stock, calculated using the treasury stock method. For the years ended December 31, 2011 and 2010, common stock equivalents of approximately 419,752,000 and 689,922,000, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive. Due to the net loss for the year ended December 31, 2009, common stock equivalents of approximately 3,381,905,000 were excluded from the calculation of diluted net loss per common share as the effect would have been anti-dilutive.

 

 

                         
    For the Years Ended December 31,  
(in thousands, except per share data)   2011     2010     2009  

Net income (loss) available to common stockholders

   $ 426,961     $ 43,055     $ (538,226 ) 
   

 

 

    

 

 

    

 

 

  

Average common shares outstanding-basic

     3,744,606       3,693,259       3,585,864  

Dilutive effect of equity instruments

     2,756,216       2,697,812       —  
   

 

 

    

 

 

    

 

 

  

Average common shares outstanding-diluted

     6,500,822       6,391,071       3,585,864  
   

 

 

    

 

 

    

 

 

  

Net income (loss) per common share

                        

Basic

   $ 0.11     $ 0.01     $ (0.15 ) 
   

 

 

    

 

 

    

 

 

  

Diluted

   $ 0.07     $ 0.01     $ (0.15 )