Net Income Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share, Basic and Diluted [Abstract]

Net Income per Common Share

NET INCOME (LOSS) PER COMMON SHARE

Net income (loss) per common share is presented on both a basic and diluted basis. The Company does not currently have any potentially dilutive securities outstanding. 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 income (loss) per common share. Holders of unvested shares of the Company's 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 income (loss) 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 stock 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 income (loss) per common share for the periods indicated:

	For the Three Months Ended
	September 30, 2014					September 30, 2013
	Net  Income			Weighted-Average Common Shares		Net Loss			Weighted- Average Common Shares
Net income (loss)	$	30,866				$	(4,627	)
Preferred stock dividends	(2,294		)			(2,294		)
Net income (loss) to common shareholders	28,572			54,731,414		(6,921		)	54,903,637
Effect of dilutive instruments	—			—		—			—
Diluted net income (loss) to common shareholders	$	28,572		54,731,414		$	(6,921	)	54,903,637
Net income (loss) per common share:
Basic and diluted				$	0.52				$	(0.13	)

	For the Nine Months Ended
	September 30, 2014					September 30, 2013
	Net  Income			Weighted-Average Common Shares		Net  Income			Weighted- Average Common Shares
Net income (loss)	$	24,133				$	46,510
Preferred stock dividends	(6,882		)			(5,608		)
Net income (loss) to common shareholders	17,251			54,689,762		40,902			54,727,950
Effect of dilutive instruments	—			—		—			—
Diluted net income (loss) to common shareholders	$	17,251		54,689,762		$	40,902		54,727,950
Net income (loss) per common share:
Basic and diluted				$	0.32				$	0.75