Annual report pursuant to Section 13 and 15(d)

EARNING PER SHARE

v2.4.0.8
EARNING PER SHARE
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
EARNING PER SHARE
EARNINGS PER 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 and/or treasury 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 for the years ended December 31 were as follows (in thousands, except share data):
 
 
2013
 
2012
 
2011
Net Income (Loss) Attributable to Common Shares
 
$
17,984

 
$
(682
)
 
$
1,898

Shares:
 
 
 
 
 
 
Weighted average number of common shares outstanding—basic
 
20,489,200

 
24,500,000

 
10,270,444

Assumed conversion of Series A Preferred Stock (1)
 
—

 
—

 
—

Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(2)
 
—

 
—

 
—

Weighted average number of common shares outstanding—diluted
 
20,489,200

 
24,500,000

 
10,270,444

 
 
 
 
 
 
 
Basic and Diluted Earnings (Loss) per Common Share
 
$
0.88

 
$
(0.03
)
 
$
0.18

____________________
(1) Excludes 753,535 and 7,679,623 for the years ending December 31 2013 and 2012, respectively, weighted average common shares for the conversion of Series A preferred stock as the effect of their inclusion would have been antidilutive.
(2) Excludes 250,110 for the year ending December 31, 2013, weighted average common shares for certain share awards as the effect of their inclusion would have been antidilutive. No share awards existed in 2012.