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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share

2.              Earnings per share

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stock by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share incorporates the treasury stock method to measure the dilutive impact of potential common stock equivalents by including the effect of outstanding vested and unvested stock options and unvested stock awards in the average number of shares of common stock outstanding during the period. Income attributable to common stock is calculated as net income less dividends paid on the Company’s Series A Preferred Stock. The Company declared and paid cash dividends of $931 ($.5781 per share of preferred stock) for each of the three months ended March 31, 2013 and 2012.

 

The following is the calculation of basic and diluted weighted average shares outstanding and earnings per share of common stock for the periods indicated:

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2013

2012

 

 

 

Net income (loss)             

$              (5,176              )

$              328             

Preferred stock dividends             

              931             

              931             

 

 

 

Net loss attributable to common stock             

$              (6,107              )

$              (603              )

 

 

 

Weighted average shares:

 

 

Weighted average shares - basic             

              11,305,881             

              11,228,752             

Dilution effect of stock options outstanding at the end of period             

              -             

              6,680             

 

 

 

Weighted average shares - diluted             

              11,305,881             

              11,235,432             

 

 

 

 

 

 

Net loss per common share:

 

 

Basic             

$              (0.54              )

$              (0.05              )

 

 

 

Diluted             

$              (0.54              )

$              (0.05              )

 

 

 

The following options and unvested restricted shares, which could be potentially dilutive in future periods, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive for the periods indicated:

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2013

2012

 

 

 

Anti-dilutive shares             

              36,185             

              48,413