Net Income Per Common Share

6 Months Ended

Jun. 30, 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. 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
	June 30, 2014						June 30, 2013
	Net  Income			Weighted-Average Common Shares			Net  Income			Weighted- Average Common Shares
Net (loss) income	$	(5,999	)				$	31,534
Preferred stock dividends	(2,294		)				(2,092		)
Net (loss) income to common shareholders	(8,293		)	54,711,108			29,442			54,973,561
Effect of dilutive instruments (1)	—			—			—			—
Diluted net (loss) income to common shareholders	$	(8,293	)	54,711,108			$	29,442		54,973,561
Net (loss) income per common share:
Basic and diluted				$	(0.15	)				$	0.54

	For the Six Months Ended
	June 30, 2014						June 30, 2013
	Net  Income			Weighted-Average Common Shares			Net  Income			Weighted- Average Common Shares
Net (loss) income	$	(6,733	)				$	51,136
Preferred stock dividends	(4,588		)				(3,313		)
Net (loss) income to common shareholders	(11,321		)	54,668,591			47,823			54,638,651
Effect of dilutive instruments (1)	—			—			—			—
Diluted net (loss) income to common shareholders	$	(11,321	)	54,668,591			$	47,823		54,638,651
Net (loss) income per common share:
Basic and diluted				$	(0.21	)				$	0.88

(1) The Company did not have any anti-dilutive securities outstanding during the three and six months ended June 30, 2014 or June 30, 2013.