Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

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Earnings per Share of Common Stock
9 Months Ended
Sep. 30, 2012
Earnings per Share of Common Stock [Abstract]  
Earnings per Share of Common Stock

3. Earnings per Share of Common Stock

The following tables set forth the computation of basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2012 and 2011. We computed basic earnings per share for the three and nine months ended September 30, 2012 and 2011 using the weighted average number of shares outstanding during the periods. Diluted earnings per share for the nine months ended September 30, 2012 and the three and nine months ended September 30, 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.

 

 

                                 
    For the three months ended September 30,     For the nine months ended September 30,  
    2012     2011     2012     2011  

Calculation of basic earnings per share of common stock:

                               
         

Net (loss) income available to common stockholders

  $ (61   $ 709     $ 6     $ 1,482  
         

Denominator for basic weighted average shares of common stock (in thousands)

    10,945       10,936       10,945       9,998  
   

 

 

   

 

 

   

 

 

   

 

 

 

Basic (loss) earnings per share of common stock

  $ (0.01   $ 0.07     $ 0.00     $ 0.15  
   

 

 

   

 

 

   

 

 

   

 

 

 

Calculation of diluted earnings per share of common stock:

                               
         

Net (loss) income available to common stockholders

  $ (61   $ 709     $ 6     $ 1,482  

Add: Income impact of assumed conversion of senior common stock

    —         16       71       46  
   

 

 

   

 

 

   

 

 

   

 

 

 

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

  $ (61   $ 725     $ 77     $ 1,528  
         

Denominator for basic weighted average shares of common stock (in thousands)

    10,945       10,936       10,945       9,998  

Effect of convertible senior common stock (in thousands)

    —    (1)       52       78       52  
   

 

 

   

 

 

   

 

 

   

 

 

 

Denominator for diluted weighted average shares of common stock (in thousands)

    10,945       10,988       11,023       10,050  
   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted (loss) earnings per share of common stock

  $ (0.01   $ 0.07     $ 0.01     $ 0.15  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

The convertible senior common stock was excluded from the calculation of diluted earnings per share for the three months ended September 30, 2012 because it was anti-dilutive.