Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.6.0.2
Earnings Per Share
 12 Months Ended
Dec. 31, 2016
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,

 

 

 

2016

 

 

2015

 

 

2014

Net income (loss)

 

$

 (91,813)

 

$

 (240,139)

 

$

 37,766 

Preferred stock dividends

 

 

 (7,295)

 

 

 (7,895)

 

 

 (7,895)

Income (loss) available to common stockholders

 

$

 (99,108)

 

$

 (248,034)

 

$

 29,871 



 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 126,258 

 

 

 65,708 

 

 

 44,848 

Dilutive impact of restricted stock

 

 

—

 

 

—

 

 

 1,113 

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

 

 

 126,258 

 

 

 65,708 

 

 

 45,961 



 

 

 

 

 

 

 

 

 

Basic income (loss) per share

 

$

 (0.78)

 

$

 (3.77)

 

$

 0.67 

Diluted income (loss) per share

 

$

 (0.78)

 

$

 (3.77)

 

$

 0.65 



 

 

 

 

 

 

Stock options (b)

 

 

 15 

 

 

 15 

 

 

 30 

Restricted stock (b)

 

 

—

 

 

 126 

 

 

 317 



(a)

Because the Company reported a loss available to common stockholders for the years ended December 31, 2016, and 2015, no unvested stock awards were included in computing loss per share because the effect was anti-dilutive.

(b)

Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.