Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share

15. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended March 31,  2014
Numerator:
Net loss from continuing operations	$	(717,000	)
Net loss from continuing operations attributable to noncontrolling interests		75,000
Numerator for basic and diluted loss from continuing operations available to common stockholders		(642,000	)
Net income from discontinued operations		2,146,000
Net income from discontinued operations attributable to noncontrolling interests		(227,000	)
Numerator for basic and diluted net income available to common stockholders	$	1,277,000
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		25,419,418
Earnings per share - Basic and Diluted:
Net loss from continuing operations available to common stockholders	$	(0.03	)
Net income from discontinued operations available to common stockholders	$	0.08
Net income available to common stockholders	$	0.05

Participating securities include 131,786 shares of unvested restricted stock outstanding at March 31, 2014, which participate in non-forfeitable dividends of the Company. Under the two class method, participating securities are allocated income, in proportion to total weighted average shares outstanding, based upon the greater of net income or common dividends declared. Since dividends were declared during the period, causing us to have an undistributed net loss for the three months ending March 31, 2014, and participating security holders are not obligated to share in losses, there was no allocation of net income or loss to participating securities above the amounts distributed to them for the three months ended March 31, 2014.

The effect of including unvested restricted common stock using the treasury stock method was excluded from our calculation of weighted average shares of common stock – diluted as its inclusion would have been antidilutive.  As such, the number of weighted average shares of common stock outstanding, both basic and diluted, are the same for the three months ended March 31, 2014.