XML 72 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NOTE 16 – EARNINGS PER SHARE
 
In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2015 and March 31, 2014:
 
 
 
Three Months Ended March 31, 2015
 
Net income (loss)
 
 
 
 
$
(5,130,327)
 
Less dividends paid:
 
 
 
 
 
 
 
Common stock
 
$
5,519,531
 
 
 
 
Unvested share-based
 
 
 
 
 
 
 
payment awards
 
 
880,509
 
 
 
 
 
 
 
 
 
 
6,400,040
 
Undistributed earnings
 
 
 
 
$
(11,530,367)
 
 
 
 
 
Unvested Share-Based 
 
 
 
 
 
 
 
Payment Awards
 
 
Common Stock
 
Distributed earnings
 
$
0.38
 
$
0.38
 
Undistributed earnings (deficit)
 
 
(0.79)
 
 
(0.79)
 
Total
 
$
(0.41)
 
$
(0.41)
 
 
 
 
Three Months Ended
 
$ and shares in thousands
 
March 31, 2014
 
 
 
 
 
Numerator (Income):
 
 
 
Net income (loss) available to common shareholders
 
$
(3,021,847)
 
Dilutive net income (loss) attributable to common shareholders
 
$
(3,021,847)
 
Denominator (Weighted Average Shares):
 
 
 
 
Basic Earnings:
 
 
 
 
Shares available to common shareholders
 
 
8,807,028
 
Effect of dilutive securities:
 
 
 
 
Restricted share awards
 
 
9,631
 
Dilutive shares
 
 
8,816,659
 
EPS
 
 
(0.34)
 
 
The following potential common shares were excluded from basic and diluted earnings per share for the three months ended March 31, 2014 as the Company had a net loss for the period: 22,958 for Restricted Stock Awards.
 
No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 9 because the warrants’ exercise price is greater than the average market price of the common shares for the period, and thereby anti-dilutive.