| Basic and Diluted 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 three and nine
months ended September 30, 2013 and 2012. We computed basic
earnings (loss) per share for the three and nine months ended
September 30, 2013 and 2012 using the weighted average number
of shares outstanding during the periods. Diluted earnings per
share for the three and nine months ended September 30, 2013
and 2012, 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).
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For the three months ended
September 30, |
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For the nine months ended
September 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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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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$ |
(797 |
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$ |
(61 |
) |
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$ |
(2,080 |
) |
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$ |
6 |
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Denominator for basic weighted average shares of common stock
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14,196,423 |
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10,945,379 |
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12,613,354 |
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10,945,379 |
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Basic (loss) earnings per share of common stock
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$ |
(0.06 |
) |
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$ |
(0.01 |
) |
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$ |
(0.16 |
) |
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$ |
0.00 |
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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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$ |
(797 |
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$ |
(61 |
) |
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$ |
(2,080 |
) |
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$ |
6 |
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Add: Income impact of assumed conversion of senior common
stock (1)
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— |
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— |
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— |
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71 |
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Net (loss) income available to common stockholders plus assumed
conversions
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$ |
(797 |
) |
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$ |
(61 |
) |
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$ |
(2,080 |
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$ |
77 |
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Denominator for basic weighted average shares of common stock
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14,196,423 |
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10,945,379 |
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12,613,354 |
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10,945,379 |
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Effect of convertible senior common stock (1)
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— |
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— |
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— |
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77,303 |
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Denominator for diluted weighted average shares of common stock
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14,196,423 |
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10,945,379 |
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12,613,354 |
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11,022,682 |
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Diluted (loss) earnings per share of common stock
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$ |
(0.06 |
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$ |
(0.01 |
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$ |
(0.16 |
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$ |
0.00 |
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| (1) |
Convertible senior common stock was
excluded from the calculation of diluted earnings per share for the
three and nine months ended September 30, 2013 and the three
months ended September 30, 2012 because it was anti-dilutive.
Had the convertible senior common stock been included in the
calculation, 257,429, 217,010 and 93,871 additional shares would
have been included in the diluted weighted average shares of common
stock for the three and nine months ended September 30, 2013
and the three months ended September 30, 2012,
respectively |
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