COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Common & Preferred Stock

The Company's charter authorizes 80,000,000 shares of Common Stock with a $3 par value per share and 16,000,000 shares of Class B Common Stock with a $3 par value per share. Holders of Class B Common Stock have the right to twenty votes per share on matters that are submitted to Shareholders for approval and to dividends in an amount not greater than dividends declared and paid on Common Stock. Class B Common Stock is restricted as to transferability and may be converted into Common Stock on a one share for one share basis. The Company's charter also authorizes 200,000,000 shares of Class C Common Stock, $3 par value per share, and 16,000,000 shares of Preferred Stock. No shares of Class C Common Stock or Preferred Stock have been issued.

On May 20, 2014, the Company completed its equity offering of 2,500,000 shares of Common Stock at a price of $10.65 per share, raising approximately $24,559 after deducting underwriter fees and costs directly related to the offering. The Company used the net proceeds from the offering for general corporate purposes and to reduce the balance under the Company's revolving credit facility, including borrowings associated with the acquisition of Atlas Carpet Mills.

Earnings (Loss) Per Share

The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations:



	2014			2013			2012
Basic earnings (loss) per share:
Income (loss) from continuing operations	$	673		$	5,556		$	(653	)
Less: Allocation of earnings to participating securities	(197		)	(218		)	—
Income (loss) from continuing operations available to common shareholders - basic	$	476		$	5,338		$	(653	)
Basic weighted-average shares outstanding (1)	14,382			12,737			12,638
Basic earnings (loss) per share - continuing operations	$	0.03		$	0.42		$	(0.05	)

Diluted earnings (loss) per share:
Income (loss) from continuing operations available to common shareholders - basic	$	476		$	5,338		$	(653	)
Add: Undistributed earnings reallocated to unvested shareholders	3			2			—
Income (loss) from continuing operations available to common shareholders - basic	$	479		$	5,340		$	(653	)
Basic weighted-average shares outstanding (1)	14,382			12,737			12,638
Effect of dilutive securities:
Stock options (2)	97			54			—
Directors' stock performance units (2)	65			61			—
Diluted weighted-average shares outstanding (1)(2)	14,544			12,852			12,638
Diluted earnings (loss) per share - continuing operations	$	0.03		$	0.42		$	(0.05	)


(1)	Includes Common and Class B Common shares, in thousands.


(2)	Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded were 434 in 2014, 510 in 2013 and 827 in 2012.