Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share of Common Stock

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Earnings (Loss) Per Share of Common Stock
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
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, 2013, 2012, and 2011. We computed basic earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011 using the weighted average number of shares outstanding during the periods. Diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011, 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 income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).

 

     For the year ended December 31,  
     2013     2012     2011  

Calculation of basic earnings per share of common stock:

       

Net (loss) income available to common stockholders

    $ (2,867 )    $ (445 )    $ 1,558   

Denominator for basic weighted average shares of common stock

      13,164,244        10,953,325        10,236,859   
  

 

 

    

 

 

    

 

 

  

Basic (loss) earnings per share of common stock

    $ (0.22 )    $ (0.04 )    $ 0.15   
  

 

 

    

 

 

    

 

 

  

Calculation of diluted earnings per share of common stock:

       

Net (loss) income available to common stockholders

    $ (2,867 )    $ (445 )    $ 1,558   

Add: Income impact of assumed conversion of senior common stock (1)

      —          —          62   
  

 

 

    

 

 

    

 

 

  

Net (loss) income available to common stockholders plus assumed conversions

    $ (2,867 )    $ (445 )    $ 1,620   

Denominator for basic weighted average shares of common stock

      13,164,244        10,953,325        10,236,859   

Effect of convertible senior common stock (1)

      —          —          51,852   
  

 

 

    

 

 

    

 

 

  

Denominator for diluted weighted average shares of common stock

      13,164,244        10,953,325        10,288,711   
  

 

 

    

 

 

    

 

 

  

Diluted (loss) earnings per share of common stock

    $ (0.22 )    $ (0.04 )    $ 0.15   
  

 

 

    

 

 

    

 

 

  

 

(1) The convertible senior common stock was excluded from the calculation of diluted earnings per share for the years ended December 31, 2013 and December 31, 2012, because it was anti-dilutive.