EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2015

EARNINGS (LOSS) PER COMMON SHARE:

EARNINGS PER COMMON SHARE

Earnings per common share are computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Potential common stock equivalents are determined using the “if converted” method.

Potentially dilutive securities for the computation of diluted weighted average number of shares are as follows:

	Years Ended December 31, 2014
	2015		2014		2013
Restricted Stock Awards		1,786,812		2,280,137		1,334,452
Stock Appreciation Rights		791,675		-		-
Restricted Stock Units		93,733		105,643		91,762
Series A Preferred Stock		-		10,031,104		12,964,860
Series B Preferred Stock		-		5,263,585		7,259,079
		2,672,220		17,680,469		21,650,153

The Series A and Series B Preferred Stock were converted to common stock on September 10, 2014, 253 days into the total 365 days for the twelve month period ended December 31, 2014.  This shorter period accounts for the decrease in weighted average number of shares in the twelve months ended December 31, 2014 compared to the same period in 2013.

The Company excludes preferred stock and stock-based awards whose effect would be anti-dilutive from the calculation.  For the years ended December 31, 2015, 2014 and 2013, adjusted earnings were losses, therefore common stock equivalents were excluded from the calculation of diluted net loss per share of common stock, as their effect was anti-dilutive.