Net Income Per Common Share

3 Months Ended

Mar. 31, 2014

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.  Because the Company's Series A Cumulative Redeemable Preferred Stock 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. For the three months ended March 31, 2013, diluted net income per common share assumes the exercise of stock options outstanding during the period using the treasury stock method. The Company did not have any stock options outstanding for the three months ended March 31, 2014. 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. Upon vesting, restrictions on transfer expire on each share of restricted stock, and each such share of restricted is converted to one equal share of common stock.

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

	For the Three Months Ended
	March 31, 2014						March 31, 2013
	Net  Income			Weighted-Average Common Shares			Net  Income			Weighted- Average Common Shares
Net (loss) income	$	(734	)				$	19,603
Preferred stock dividends	(2,294		)				(1,222		)
Net (loss) income to common shareholders	(3,028		)	54,625,601			18,381			54,300,020
Effect of dilutive stock options	—			—			—			754
Diluted net (loss) income to common shareholders	$	(3,028	)	54,625,601			$	18,381		54,300,774
Net (loss) income per common share:
Basic				$	(0.06	)				$	0.34
Diluted (1)				$	(0.06	)				$	0.34

(1) The Company did not have any anti-dilutive securities outstanding during the three months ended March 31, 2014 or March 31, 2013.