EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2013

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 22 - EARNINGS (LOSS) PER SHARE

We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested, time-based restricted stock awards and for our common stock. Our non-vested time-based restricted stock awards contain nonforfeitable rights to dividends and are considered securities which participate in undistributed earnings with common stock.  Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested, time-based restricted stock awards do not have such an obligation so they are not allocated losses.

At December 31, 2013, 2012 and 2011, we had 893,000, 893,000 and 940,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share, as the options’ exercise price was greater than the average market price of our common shares.

In 2012 and 2011, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss from continuing operations.

Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):

		2013			2012			2011
Numerator:
Income (loss) from continuing operations		$	6,625		$	(6,947	)	$	(3,832	)
Less:	Preferred dividends	14,590			4,625			411
	Allocation to participating securities	73			37			—
	Attributable to noncontrolling interest	44			(2,001		)	(1,147		)
Income (loss) attributable to common shareholders from continuing operations		(8,082		)	(9,608		)	(3,096		)
Income (loss) attributable to common shareholders from discontinued operations		(703		)	3,870			(252		)
Net income (loss) attributable to common shareholders		$	(8,785	)	$	(5,738	)	$	(3,348	)
Denominator:
Weighted average common shares outstanding - basic		70,327			33,717			27,278
Dilutive effect of equity-based compensation awards		410			132			—
Weighted average common shares outstanding - diluted		70,737			33,849			27,278
Earnings per common share - basic and diluted:
Net income (loss) from continuing operations		$	(0.11	)	$	(0.28	)	$	(0.11	)
Net income (loss) from discontinued operations		(0.01		)	0.11			(0.01		)
Net income (loss)		$	(0.12	)	$	(0.17	)	$	(0.12	)