Displaying usernames on “home” page

I am trying to display logged in usernames on the “home” page of my site. I want something like the “Howdy<user><login/out><profile> that is on the admin panel. I took the code from admin-header and put it in my theme header. You can see what it looks like here. The problem is, it does not show the logged in username and it always shows “logout” (even when logged out). Can someone here help me get this working? Thanks in advance

EDIT-Here is the code i am using:
<div id="user_info"><p><?php printf(__('Howdy, %s.'), $user_identity) ?> [/wp-login.php?action=logout" title="<?php _e('Log out of this account') ?>"><?php _e('Sign Out'); ?>, <?php _e('My Profile'); ?>]</div>