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3. Earnings and Net Income (Loss) per Common Share
Basic earnings per share (EPS) and net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period. Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include options and P units, is computed using the treasury stock method.
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three months ended September 30, 2011 and 2010, the six months ended September 30, 2011, the period from May 1, 2010 to September 30, 2010 and the period from April 1 through April 30, 2010, respectively, are as follows:
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(Successor)
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(Predecessor)
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For the
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period From
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For the
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May 1,
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Period From
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Three Months
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Three Months
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Six Months
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2010
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April 1,
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Ended
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Ended
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Ended
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Through
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Through
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Sept. 30,
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Sept. 30,
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Sept. 30,
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Sept. 30,
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April 30,
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2011
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2010
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2011
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2010
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2010
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Net income (loss)
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$
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3,814
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$
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(1,797
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)
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$
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(1,152
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$
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(13,970
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)
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$
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(267
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)
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Weighted-average common shares outstanding
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29,523,641
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24,875,669
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28,640,896
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24,875,669
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52,253
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Plus: Commons share equivalents Stock options (1)
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1,738,659
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—
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—
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—
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—
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Weighted average shares outstanding - dilutive
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31,262,300
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24,875,669
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28,640,896
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24,875,669
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52,253
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(1) For the periods in which the Company was in a net loss position, there was no dilutive effect on net loss per common share as the Class P units issued by the predecessor and options issued by the successor are antidilutive.
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