XML 112 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
18 Earnings Per Share

FASB ASC 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards and restricted stock units granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

 

The following is a reconciliation of earnings per share for the years indicated:

 

     Year Ended December 31  
     2013      2012      2011  
     (In thousands, except share and per share data)  

Net income (loss)

    $ 1,130       $ 29,181       $ (2,137 ) 

Less: Dividends paid on and earnings allocated to participating securities

      13         115         —     
  

 

 

     

 

 

     

 

 

  

Income (loss) attributable to common stock

    $ 1,117       $ 29,066       $ (2,137 ) 
  

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding, including participating securities

      19,876,377         19,620,251         19,462,055   

Less: Weighted average participating securities

      278,946         81,957         —     
  

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding

      19,597,431         19,538,294         19,462,055   
  

 

 

     

 

 

     

 

 

  

Basic earnings (loss) per common share

    $ 0.06       $ 1.49       $ (0.11 ) 
  

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding

      19,597,431         19,538,294         19,462,055   

Weighted average common equivalent shares outstanding

      282         6,743         —     
  

 

 

     

 

 

     

 

 

  

Weighted average common and equivalent shares outstanding

      19,597,713         19,545,037         19,462,055   
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 0.06       $ 1.49       $ (0.11 ) 
  

 

 

     

 

 

     

 

 

  

Dividends per common share

    $ 0.24       $ 0.72       $ 0.64   
  

 

 

     

 

 

     

 

 

  

There were 295,627, 330,568 and 616,382 options outstanding at December 31, 2013, 2012 and 2011, respectively, which were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. The 2011 per share amounts reflect the 10 percent stock dividends paid in November 2011.