Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

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, 2013 excludes 176,843 shares of unvested restricted stock. Weighted average shares outstanding for the years ended December 31, 2012 and 2011 excludes 193,373 and 53,778 shares of unvested restricted stock, respectively. 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:

	2013		2012			2011
Basic earnings per share:
Net income (loss) to common shareholders	$	16,949,000	$	(12,585,000	)	$	(17,382,000	)
Weighted average number of common shares outstanding	14,203,099		6,589,971			6,079,668
Basic earnings (loss) per share	$	1.19	$	(1.91	)	$	(2.86	)
Diluted earnings per share:
Net income (loss) to common shareholders	$	16,949,000	$	(12,585,000	)	$	(17,382,000	)
Weighted average number of common shares outstanding	14,203,099		6,589,971			6,079,668
Dilutive potential common shares	21,621		—			—
Weighted-average shares as adjusted	14,224,720		6,589,971			6,079,668
Diluted earnings (loss) per share	$	1.19	$	(1.91	)	$	(2.86	)

For the year ended December 31, 2013, 2012, and 2011 net income (loss) for determining net earnings (loss) per common share was reported as net income (loss) less the dividend on preferred stock. During the year ended December 31, 2013, there were 51,673 warrants and stock options that were not considered dilutive because the exercise prices exceeded the average market price per share and 156,329 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 earnings (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 2013, 2012 and 2011, net income (loss) to common shareholders is net income (loss) less the preferred stock dividends and accretion of discount.