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Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Income (Loss) Per Share

Note 20 Income Per Share

 

The Company calculates income per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 17.

 

The Company had 30,358,509 and 38,884,953 shares outstanding (inclusive of Class A and B) as of December 31, 2015 and 2014, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted income per share because to do so would have been anti-dilutive for 2015, 2014, and 2013.

 

The following table illustrates the computation of basic and diluted income per share for 2015, 2014, and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

 

 

2015

    

2014

    

2013

 

Net income

 

$
4,881

 

$
9,176

 

$
6,927

 

Less: earnings allocated to participating securities

 

 
(53)

 

 
(38)

 

 
(17)

 

Earnings allocated to common shareholders

 

$
4,828

 

$
9,138

 

$
6,910

 

Weighted average shares outstanding for basic earnings per common share

 

 
34,349,996

 

 
42,404,609

 

 
50,790,410

 

Dilutive effect of equity awards

 

 
9,321

 

 
16,405

 

 
34,012

 

Dilutive effect of warrants

 

 
4,170

 

 

—

 

 

—

 

Weighted average shares outstanding for diluted earnings per common share

 

 
34,363,487

 

 
42,421,014

 

 
50,824,422

 

Basic earnings per share

 

$
0.14

 

$
0.22

 

$
0.14

 

Diluted earnings per share

 

$
0.14

 

$
0.22

 

$
0.14

 

 

The Company had 2,596,251,  3,597,111, and 3,515,486 outstanding stock options to purchase common stock at weighted average exercise prices of $19.84,  $19.90, and $19.92 per share at December 31, 2015, 2014, and 2013, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. Additionally, the Company had outstanding warrants to purchase the Company’s common stock totaling 725,750 and 830,750 as of December 31, 2015, and 2014, respectively. The warrants have an exercise price of $20.00, which was out-of-the-money for purposes of dilution calculations during 2014 and 2013. The Company had 836,031,  955,398, and 1,064,460 unvested restricted shares outstanding as of December 31, 2015, 2014, and 2013, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those restricted shares is dilutive.