jQuery show/hide button on word count

HTML

<div class="desc">  
<h2><a href="http://www.link.com/">Lorem Ipsum der a lor</a></h2>  
<p class="excerpt">Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Sed molestie augue sit amet leo consequat posuere. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Proin vel ante a orci tempus eleifend ut et magna. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus luctus urna sed urna.  
</p></div>

JavaScript

$(function () {

    // Grab all the excerpt class
    $('.excerpt').each(function () {

        // Run formatWord function and specify the length of words display to viewer
        $(this).html(formatWords($(this).html(), 10));

        // Hide the extra words
        $(this).children('span').hide();

    // Apply click event to read more link
    }).click(function () {

        // Grab the hidden span and anchor
        var more_text = $(this).children('span.more_text');
        var more_link = $(this).children('a.more_link');

        // Toggle visibility using hasClass
        // I know you can use is(':visible') but it doesn't work in IE8 somehow...
        if (more_text.hasClass('hide')) {
            more_text.show();
            more_link.html(' » hide');
            more_text.removeClass('hide');
        } else {
            more_text.hide();
            more_link.html(' « more');
            more_text.addClass('hide');
        }

        return false;

    });
});

// Accept a paragraph and return a formatted paragraph with additional html tags
function formatWords(sentence, show) {

    // split all the words and store it in an array
    var words = sentence.split(' ');
    var new_sentence = '';

    // loop through each word
    for (i = 0; i < words.length; i++) {

        // process words that will visible to viewer
        if (i <= show) {
            new_sentence += words[i] + ' ';

        // process the rest of the words
        } else {

            // add a span at start
            if (i == (show + 1)) new_sentence += '... <span class="more_text hide">';       

            new_sentence += words[i] + ' ';

            // close the span tag and add read more link in the very end
            if (words[i+1] == null) new_sentence += '</span><a href="#" class="more_link"> » more</a>';
        }
    } 

    return new_sentence;

}