COMPUTATION OF EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

COMPUTATION OF EARNINGS PER SHARE

COMPUTATION OF EARNINGS PER SHARE

On February 11, 2014 the Company's Series A 3% Redeemable Convertible Preferred Stock (the "Series A Preferred Stock") was converted to 5,805,921 shares of the Company's common stock in accordance with the terms of its automatic conversion feature. Net income available to common stockholders for the first quarter of 2014 includes the accrued dividend and accretion charges on the Series A Preferred Stock through the date of conversion. Upon conversion, the remaining unamortized beneficial conversion feature related to the Series A Preferred Stock was recognized as an accrued dividend and accretion charge which further reduced net income available to common stockholders by $2.3 million in the first quarter of 2014. The following is a reconciliation of net income applicable to common stockholders and the number of shares used in the calculation of basic and diluted earnings per share applicable to common stockholders (in thousands, except per-share data):

	Three months ended March 31,
	2014		2013
Net income allocated to common stockholders, net of $278 and $1,753 attributable to Series A Preferred Stock for the three months ended March 31, 2014 and 2013, respectively.	$	3,349	$	8,513
Basic:
Weighted-average common shares outstanding	31,837		28,055
Earnings per share allocated to common stockholders	$	0.11	$	0.30
Diluted:
Weighted-average shares outstanding used in basic calculation	31,837		28,055
Dilutive effect of options	400		308
Dilutive effect of unvested restricted stock	417		422
Weighted-average common stock and common stock equivalents	32,654		28,785
Earnings per share allocated to common stockholders	$	0.10	$	0.30
Stock issuable upon conversion of the Series A Preferred Stock	—		5,806
Stock awards excluded from calculation as their effect would be anti-dilutive	27		834

Awards approved under the Company’s Long Term Incentive Program are excluded from diluted shares as the market conditions and performance conditions of the awards have not been met.