Net Income Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share, Basic and Diluted [Abstract]

Net Income per Common Share

NET INCOME PER COMMON SHARE

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 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 Topic 260-10 and therefore are included in the computation of basic net 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 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 per common share for the periods indicated:

	Year Ended
	December 31, 2014					December 31, 2013					December 31, 2012
	Net  Income			Weighted-Average Common Shares		Net  Income			Weighted- Average Common Shares		Net  Income			Weighted- Average Common Shares
Net income	$	27,806				$	68,069				$	74,042
Preferred stock dividends	(9,176		)			(7,902		)			(2,036		)
Net income to common shareholders	18,630			54,701,485		60,167			54,647,643		72,006			53,146,416
Effect of dilutive instruments	—			—		—			—		—			—
Diluted net income to common shareholders	$	18,630		54,701,485		$	60,167		54,647,643		$	72,006		53,146,416
Net income per common share:
Basic and diluted (1)				$	0.34				$	1.10				$	1.35

(1) For the year ended December 31, 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. The Company did not have any potentially dilutive securities outstanding for the years ended December 31, 2014 or December 31, 2013.