| Earnings (Loss) per Share of Common Stock |
3. Earnings (Loss) per Share of Common Stock
The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the years ended
December 31, 2012, 2011 and 2010. We computed basic earnings per share for the years ended December 31, 2012, 2011 and 2010 using the weighted average number of shares outstanding during the periods. Diluted earnings (loss) per share
for the years ended December 31, 2012, 2011 and 2010, reflects additional shares of common stock, related to our convertible senior common stock, that would have been outstanding if dilutive potential shares of common stock had been issued, as
well as an adjustment to net (loss) income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (in thousands).
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For the year ended December 31, |
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2012 |
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2011 |
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2010 |
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Calculation of basic earnings per share of common stock:
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Net (loss) income available to common stockholders
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$ |
(445 |
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$ |
1,558 |
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$ |
814 |
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Denominator for basic weighted average shares of common stock
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10,953,325 |
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10,236,859 |
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8,576,303 |
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Basic (loss) earnings per share of common stock
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$ |
(0.04 |
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$ |
0.15 |
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$ |
0.09 |
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Calculation of diluted earnings per share of common stock:
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Net (loss) income available to common stockholders
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$ |
(445 |
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$ |
1,558 |
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$ |
814 |
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Add: Income impact of assumed conversion of senior common stock
(1)
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— |
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62 |
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20 |
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Net (loss) income available to common stockholders plus assumed conversions
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$ |
(445 |
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$ |
1,620 |
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$ |
834 |
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Denominator for basic weighted average shares of common stock
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10,953,325 |
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10,236,859 |
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8,576,303 |
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Effect of convertible senior common stock
(1)
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— |
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51,852 |
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24,850 |
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Denominator for diluted weighted average shares of common stock
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10,953,325 |
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10,288,711 |
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8,601,153 |
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Diluted (loss) earnings per share of common stock
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$ |
(0.04 |
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$ |
0.15 |
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$ |
0.09 |
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(1)
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Convertible senior
common stock was excluded from the calculation of diluted earnings per share for the year ended December 31, 2012 because it was anti-dilutive. Had the convertible senior common stock been included in the calculation, 121,891 additional shares
would have been included in the diluted weighted average shares of common stock.
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