Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER COMMON SHARE

v2.4.0.8
EARNINGS (LOSS) PER COMMON SHARE
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
EARNINGS (LOSS) 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 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2013
 
2012
 
2013
 
2012
Net Income (Loss) Attributable to Common Shares
 
$
5,204

 
$
3,101

 
$
16,232

 
$
(2,118
)
Shares:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding—basic
 
20,186,013

 
24,500,000

 
20,588,791

 
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)
 
319,919

 
—

 
—

 
—

Weighted average number of common shares outstanding—diluted
 
20,505,932

 
24,500,000

 
20,588,791

 
24,500,000

 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) per Common Share
 
$
0.26

 
$
0.13

 
$
0.79

 
$
(0.09
)
Diluted Earnings (Loss) per Common Share
 
$
0.25

 
$
0.13

 
$
0.79

 
$
(0.09
)
____________________
(1) Excludes 905,430 for the nine month period ending September 30, 2013, and 7,605,769 and 6,729,167 for the three and nine months ending September 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 232,353 for the nine month period ending September 30, 2013, 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.