Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting periods. Diluted net income available to common shareholders per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The numerators of the basic net income per common share computations are the same as the numerators of the diluted net income per common share computations for all the periods presented. Weighted average shares outstanding for the year ended December 31, 2012 excludes 580,119 shares of unvested restricted stock. Weighted average shares outstanding for the year ended December 31, 2011 excludes 161,334 shares of unvested restricted stock. A reconciliation of the denominator of the basic net income per common share computations to the denominator of the diluted net income per common share computations is as follows:

	2012			2011			2010
Basic earnings per share:
Net loss to common shareholders	$	(12,585,107	)	$	(17,382,132	)	$	(3,193,377	)
Weighted average number of common shares outstanding	19,769,912			18,239,004			16,129,640
Basic earnings per share	$	(0.64	)	$	(0.95	)	$	(0.20	)
Diluted earnings per share:
Net loss to common shareholders	$	(12,585,107	)	$	(17,382,132	)	$	(3,193,377	)
Weighted average number of common shares outstanding	19,769,912			18,239,004			16,129,640
Dilutive potential common shares	—			—			—
Weighted-average shares as adjusted	19,769,912			18,239,004			16,129,640
Diluted earnings per share	$	(0.64	)	$	(0.95	)	$	(0.20	)

For the year ended December 31, 2012 and 2011, net loss for determining net loss per common share was reported as net loss less the dividend on preferred stock. During the year ended December 31, 2012, there were 249,667 warrants and stock options that were not considered dilutive because the exercise prices exceeded the average market price per share and 598,172 shares of restricted stock not considered dilutive because they were antidilutive under the treasury stock method or because performance and service criteria had not been met. Unvested shares of restricted stock and all other common stock equivalents were excluded from the determination of losses per share for the year-to-date periods ended December 31, 2012 and December 31, 2011 due to the Company's loss position for that period.

For 2012 and 2011, net loss to common shareholders is net loss less the preferred stock dividends and accretion of discount.

Unvested shares of restricted stock and stock options were excluded from the determination of diluted earnings per share for the years ended December 31, 2012, 2011 and 2010 due to the Company’s loss position for the periods.