NET LOSS PER COMMON AND CLASS B SHARE

3 Months Ended

Mar. 31, 2013

NET LOSS PER COMMON AND CLASS B SHARE

NET LOSS PER COMMON AND CLASS B SHARE

4 - NET LOSS PER COMMON AND CLASS B SHARE

The computation of net loss per share of common stock and Class B shares is in accordance with the Accounting Standards Codification (“ASC”) 260 — “Earnings Per Share” (“ASC 260”), using the two-class method.  Under these provisions, basic net loss per share is computed using the weighted-average number of common shares and Class B shares outstanding during the year, except that it does not include nonvested stock awards subject to repurchase or cancellation.  Diluted net loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period.  Potential common shares consist of nonvested stock awards (see Note 13 — Nonvested Stock Awards) for the common shares, for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and not yet recognized using the treasury stock method, to the extent dilutive. Of the 547,749 nonvested shares outstanding at March 31, 2013 (see Note 13 — Nonvested Stock Awards), all are anti-dilutive.  The computation of the diluted net loss per share of common stock assumes the conversion of Class B shares, while the diluted net loss per share of Class B stock does not assume the conversion of those shares.

The following table sets forth the computation of basic and diluted net loss per share of common stock and Class B stock:

	Three Months Ended March 31, 2013
	Common			Class B
Basic net loss per share:
Numerator:
Allocation of loss	$	(3,787	)	$	(1,296	)
Denominator:
Weighted-average shares outstanding, basic	16,658,756			5,699,088
Basic net loss per share	$	(0.23	)	$	(0.23	)
Diluted net loss per share:
Numerator:
Allocation of loss	$	(3,787	)	$	(1,296	)
Reallocation of undistributed loss as a result of conversion of Class B to common shares	(1,353		)	—
Reallocation of dividends paid as a result of conversion of Class B to common shares	57			—
Allocation of loss	$	(5,083	)	$	(1,296	)
Denominator:
Weighted-average shares outstanding used in basic computation	16,658,756			5,699,088
Add:
Conversion of Class B to common shares	5,699,088			—
Weighted-average shares outstanding, diluted	22,357,844			5,699,088
Diluted net loss per share	$	(0.23	)	$	(0.23	)

	Three Months Ended March 31, 2012
	Common			Class B
Basic net loss per share:
Numerator:
Allocation of loss	$	(3,312	)	$	(1,144	)
Denominator:
Weighted-average shares outstanding, basic	16,477,014			5,699,088
Basic net loss per share	$	(0.20	)	$	(0.20	)
Diluted net loss per share:
Numerator:
Allocation of loss	$	(3,312	)	$	(1,144	)
Reallocation of undistributed loss as a result of conversion of Class B to common shares	(1,885		)	—
Reallocation of dividends paid as a result of conversion of Class B to common shares	741			—
Allocation of loss	$	(4,456	)	$	(1,144	)
Denominator:
Weighted-average shares outstanding used in basic computation	16,477,014			5,699,088
Add:
Conversion of Class B to common shares	5,699,088			—
Weighted-average shares outstanding, diluted	22,176,102			5,699,088
Diluted net loss per share	$	(0.20	)	$	(0.20	)