Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.3.1.900
Earnings Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

 

Note 4 - Earnings Per Share

 

Basic earnings (loss) per share is computed by dividing income (loss) 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. The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

Net income (loss)

 

$

 (240,139)

 

$

 37,766 

 

$

 4,304 

Preferred stock dividends

 

 

 (7,895)

 

 

 (7,895)

 

 

 (4,627)

Income (loss) available to common stockholders

 

$

 (248,034)

 

$

 29,871 

 

$

 (323)

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 65,708 

 

 

 44,848 

 

 

 40,133 

Dilutive impact of restricted stock

 

 

—

 

 

 1,113 

 

 

—

Weighted average shares outstanding for diluted income (loss) per share (a)

 

 

 65,708 

 

 

 45,961 

 

 

 40,133 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share

 

$

 (3.77)

 

$

 0.67 

 

$

 (0.01)

Diluted income (loss) per share

 

$

 (3.77)

 

$

 0.65 

 

$

 (0.01)

 

 

 

 

 

 

 

The following were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive:

Stock options

 

 

 15 

 

 

 30 

 

 

 52 

Restricted stock

 

 

 126 

 

 

 317 

 

 

 398 

 

(a)

Because the Company reported a loss available to common stockholders for the years ended December 31, 2015 and 2013, no unvested stock awards were included in computing loss per share because the effect was anti-dilutive.