Earnings per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings per Share

9.      Earnings per Share

The following table details the Company’s calculation of earnings per share for the three and nine months ended September 30, 2014 and 2013.  

	Three Months Ended September 30						Nine Months Ended September 30
	2014			2013			2014			2013
Basic earnings (loss) per share:
Net income (loss)	$	77,891		$	(262,146	)	$	82,212		$	(124,168	)
Less preferred stock dividends		(5,480	)		(5,481	)		(16,441	)		(16,441	)
Net income (loss) available to common shareholders	$	72,411		$	(267,627	)	$	65,771		$	(140,609	)
Weighted average shares		96,563,132			98,318,205			96,561,446			98,656,750
Basic earnings (loss) per share	$	0.75		$	(2.72	)	$	0.68		$	(1.43	)
Diluted earnings (loss) per share:
Net income (loss)	$	77,891		$	(262,146	)	$	82,212		$	(124,168	)
Less preferred stock dividends for antidilutive shares		(5,480	)		(5,481	)		(16,441	)		(16,441	)
Net income (loss) available to common shareholders	$	72,411		$	(267,627	)	$	65,771		$	(140,609	)
Weighted average shares		96,563,132			98,318,205			96,561,446			98,656,750
Potential dilutive shares from exercise of stock options		-			-			-			-
Diluted weighted average shares		96,563,132			98,318,205			96,561,446			98,656,750
Diluted earnings (loss) per share	$	0.75		$	(2.72	)	$	0.68		$	(1.43	)

There were no potentially dilutive shares for any of the periods presented.