XML 73 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 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 June 30, 2015 and June 30, 2014 and six months ended June 30, 2015 and June 30, 2014:
 
 
 
Three Months Ended June 30, 2015
 
Three Months Ended June 30, 2014
 
Net income
 
 
 
 
$
4,033,321
 
 
 
 
$
4,424,609
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
$
5,520,281
 
 
 
 
$
4,008,469
 
 
 
 
Unvested share-based payment awards
 
 
870,726
 
 
 
 
 
635,923
 
 
 
 
 
 
 
 
 
 
6,391,007
 
 
 
 
 
4,644,392
 
Undistributed earnings
 
 
 
 
$
(2,357,686)
 
 
 
 
$
(219,783)
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
 
 
Payment Awards
 
 
Common Stock
 
 
Payment Awards
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributed earnings
 
$
0.38
 
$
0.38
 
$
0.36
 
$
0.36
 
Undistributed earnings (deficit)
 
 
(0.17)
 
 
(0.17)
 
 
(0.02)
 
 
(0.02)
 
Total
 
$
0.21
 
$
0.21
 
$
0.34
 
$
0.34
 
  
 
 
Six Months Ended June 30, 2015
 
Six Months Ended June 30, 2014
 
Net income
 
 
 
 
$
(1,097,005)
 
 
 
 
$
1,883,335
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
$
11,039,813
 
 
 
 
$
7,191,938
 
 
 
 
Unvested share-based payment awards
 
 
1,751,235
 
 
 
 
 
1,116,495
 
 
 
 
 
 
 
 
 
 
12,791,048
 
 
 
 
 
8,308,433
 
Undistributed earnings
 
 
 
 
$
(13,888,053)
 
 
 
 
$
(6,425,098)
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
 
 
Payment Awards
 
 
Common Stock
 
 
Payment Awards
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributed earnings
 
$
0.75
 
$
0.75
 
$
0.72
 
$
0.72
 
Undistributed earnings (deficit)
 
 
(0.94)
 
 
(0.94)
 
 
(0.64)
 
 
(0.64)
 
Total
 
$
(0.19)
 
$
(0.19)
 
$
0.08
 
$
0.08
 
 
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.