Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

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EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE
Basic earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A preferred stock, restricted stock grants have vested and common shares have been issued pursuant to the exercise of outstanding stock options.
Computations of basic and diluted earnings per common share of the Company for the three months ended March 31, were as follows (in thousands, except share data):
2013
 
Net Income (Loss) Attributable to Common Shares
 
Average O/S Shares
 
Per Share
Basic Weighted Average Common Shares Outstanding
 
$
5,973

 
21,454,396

 
$
0.28

Effect of Dilutive Securities:
 
 
 
 
 
 
Series A Preferred Stock (1)
 
—

 
—

 
 
Options and Restricted Stock (2)
 
—

 
—

 
 
Diluted Weighted Average Common Shares Outstanding
 
$
5,973

 
21,454,396

 
$
0.28

 
 
 
 
 
 
 
2012
 
 
 
 
 
 
Basic Weighted Average Common Shares Outstanding
 
$
(6,733
)
 
24,500,000

 
$
(0.27
)
Effect of Dilutive Securities:
 
 
 
 
 
 
Series A Preferred Stock (3)
 
—

 
—

 
 
Diluted Weighted Average Common Shares Outstanding
 
$
(6,733
)
 
24,500,000

 
$
(0.27
)
____________________
(1) Excludes 2,009,659 weighted average common shares issuable upon the conversion of Series A preferred stock as the effect of their inclusion in the computation would have been antidilutive.
(2) Excludes 47,208 weighted average common shares issuable upon certain share awards as the effect of their inclusion in the computation would have been antidilutive.    
(3) Excludes 6,125,000 weighted average common shares issuable upon the conversion of Series A preferred stock as the effect of their inclusion in the computation would have been antidilutive.