Annual report pursuant to Section 13 and 15(d)

Earnings (loss) per Share

v2.4.0.8
Earnings (loss) per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings (loss) per Share
Earnings (loss) per Share

Basic earnings (loss) per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings (loss) per share includes the potential dilutive impact of non-vested restricted shares and unexercised options outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. A reconciliation of the basic and diluted net income per share computation is as follows (in thousands, except per share amounts):
 
For the year ended December 31,
 
2013
 
2012
 
2011
Net income
$
4,304

 
$
2,747

 
$
106,396

Preferred stock dividends
(4,627
)
 
—

 
—

(a) Income (loss) available to common shareholders
$
(323
)
 
$
2,747

 
$
106,396

 
 
 
 
 
 
(b) Weighted average shares outstanding
40,133

 
39,522

 
37,908

Dilutive impact of stock options
—

 
8

 
18

Dilutive impact of restricted stock
—

 
807

 
656

(c) Weighted average shares outstanding
 

 
 

 
 

         for diluted net income (loss) per share (1)
40,133

 
40,337

 
38,582

 
 
 
 
 
 
Basic Income (loss) per share (a/b)
$
(0.01
)
 
$
0.07

 
$
2.81

Diluted Income (loss) per share (a/c)
$
(0.01
)
 
$
0.07

 
$
2.76

 
 
 
 
 
 
The following were excluded from the diluted EPS calculations because their effect would be anti-dilutive:
Stock options
52

 
52

 
67

Restricted stock
398

 
123

 
816


(1)
Because the Company reported a loss for the year ended December 31, 2013, no unvested stock awards were included in computing loss per share because the effect was anti-dilutive.