Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

v2.4.0.8
EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
EARNINGS (LOSS) 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 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 of the Company were as follows (in thousands, except share data):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2013
 
2012
 
2013
 
2012
Net Income (Loss) Attributable to Common Shares
 
$
5,055

 
$
1,514

 
$
11,028

 
$
(5,219
)
Shares:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding—basic
 
20,140,105

 
24,500,000

 
20,793,529

 
24,500,000

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
 
20,140,105

 
24,500,000

 
20,793,529

 
24,500,000

 
 
 
 
 
 
 
 
 
Basic and Diluted Earnings (Loss) per Common Share
 
$
0.25

 
$
0.06

 
$
0.53

 
$
(0.21
)
____________________
(1) Excludes nil and 1,209,315 for the three and six month periods ending June 30, 2013, respectively, and 6,445,883 and 6,283,654 for the three and six months ending June 30, 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 339,258 and 194,122 for the three and six month periods ending June 30, 2013, respectively, weighted average common shares for certain share awards as the effect of their inclusion would have been antidilutive. No share awards existed in the respective periods in 2012.