Net Income Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share, Basic and Diluted [Abstract]

Net Income per Common Share

NET (LOSS) INCOME PER COMMON SHARE

Net (loss) income per common share is presented on both a basic and diluted basis.  Diluted net (loss) income per common share assumes the exercise of stock options, if any were outstanding during the period presented, using the treasury stock method. Because the Company's Series A and Series B Cumulative Redeemable Preferred Stock are redeemable at the Company's option for cash only, and may convert into shares of common stock only upon a change of control of the Company, the effect of those shares is excluded from the calculation of diluted net (loss) income per common share.

Holders of unvested shares of our issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC 260-10 and therefore are included in the computation of basic net (loss) income per share using the two-class method.

The following table presents the calculation of the numerator and denominator for both basic and diluted net (loss) income per common share:

	Three Months Ended
	September 30,
	2013						2012
	Net Loss			Weighted-Average Common Shares			Net Income			Weighted- Average Common Shares
Net (loss) income	$	(4,627	)				$	19,167
Preferred stock dividends	(2,294		)				(814		)
Net (loss) income to common shareholders	(6,921		)	54,903,637			18,353			54,367,349
Effect of dilutive stock options	—			—			—			866
Diluted	$	(6,921	)	54,903,637			$	18,353		54,368,215
Net (loss) income per common share:
Basic				$	(0.13	)				$	0.34
Diluted				$	(0.13	)				$	0.34

	Nine Months Ended
	September 30,
	2013					2012
	Net  Income			Weighted-Average Common Shares		Net  Income			Weighted- Average Common Shares
Net income	$	46,510				$	54,489
Preferred stock dividends	(5,608		)			(814		)
Net income to common shareholders	40,902			54,727,950		53,675			52,751,763
Effect of dilutive stock options	—			—		—			—
Diluted	$	40,902		54,727,950		$	53,675		52,751,763
Net income per common share:
Basic				$	0.75				$	1.02
Diluted (1)				$	0.75				$	1.02

(1) For the nine months ended September 30, 2012, the calculation of diluted net income per common shareexcludes the effect of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.