Earnings per Share

9 Months Ended

Sep. 30, 2015

13. Earnings per Share

Basic or diluted earnings (loss) per share, (“EPS”) is computed by dividing net earnings or loss by the weighted number of ordinary shares outstanding during the period.

The following table sets forth the computation of basic and diluted EPS attributable to continuing and discontinued operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerator:
Net income from continuing operations	$	14,760	$	6,768	$	32,876	$	10,335
Preferred stock dividends		(7,096)		(10,692)		(32,454)		(31,672)
Income (loss) from continuing operations attributable to common stockholders		7,664		(3,924)		422		(21,337)
Income (loss) from a discontinued operation, net of taxes		—		699		281		(2,064)
Net income (loss) available to common stockholders	$	7,664	$	(3,225)	$	703	$	(23,401)

Denominator:
Basic EPS - weighted average common shares outstanding		41,476,116		41,195,047		41,374,188		41,141,281

Basic EPS:
Income (loss) from continuing operations	$	0.19	$	(0.10)	$	0.01	$	(0.52)
Income (loss) income from a discontinued operation, net of taxes		—		0.02		0.01		(0.05)
Net income (loss)	$	0.19	$	(0.08)	$	0.02	$	(0.57)

Denominator:
Diluted EPS - weighted average common shares outstanding		41,819,422		41,195,047		41,717,494		41,141,281

Diluted EPS:
Income (loss) from continuing operations	$	0.19	$	(0.10)	$	0.01	$	(0.52)
Income (loss) from a discontinued operation, net of taxes		—		0.02		0.01		(0.05)
Net income (loss)	$	0.19	$	(0.08)	$	0.02	$	(0.57)

The Company reported net income from continuing operations available to common stockholders for three and nine months ended September 30, 2015. Accordingly, the potentially dilutive effect of the outstanding stock options of 539,000 as of September 30, 2015 has been included in the computation of diluted earnings per share. All potentially dilutive shares as of September 30, 2014 have been excluded from the weighted-average number of shares of common stock outstanding as their inclusion would be antidilutive. As further described in Note 11, the cumulative dividends in arrears related to Series A Preferred Stock must be paid before any distribution can be paid to the Company’s common stockholders. As of September 30, 2015, cumulative dividends in arrears related to Series A Preferred Stock were $9,573.