Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of any dilutive potential common shares outstanding during the period, if any.The effects include adjustments to the numerator for any change in fair market value attributed to the derivatives liabilities (related to the Series C convertible preferred stock) during the period the convertible securities are dilutive. The computation of basic and diluted earnings per common share is presented below: 

	Three months ended				Six months ended
(dollars in thousands, except per share data)	June 30,				June 30,
	2013		2012		2013		2012
Basic and Diluted Earnings per Share
Calculation:
Numerator: basic
Net earnings (loss) attributable
to common shareholders:
Continuing operations	$	1,095	$	(2,317)	$	(2,794)	$	(5,467)
Discontinued operations		442		3,912		(564)		2,440
Net earnings (loss) attributable to
common shareholders - total basic	$	1,537	$	1,595	$	(3,358)	$	(3,027)
Numerator: diluted
Net earnings (loss) attributable
to common shareholders:
Continuing operations	$	1,095	$	(2,317)	$	(2,794)	$	(5,467)
Preferred C dividend		469		0		0		0
Derivative Liability change
in fair market value		(2,137)		0		0		0
Total continuing operations		(573)		(2,317)		(2,794)		(5,467)
Discontinued operations		442		3,912		(564)		2,440
Net earnings (loss) attributable to
common shareholders - total diluted	$	(131)	$	1,595	$	(3,358)	$	(3,027)
Denominator:
Weighted average number
of common shares - basic		2,889,147		2,884,356		2,888,386		2,884,080
of common shares - diluted		6,639,350		2,884,356		2,888,386		2,884,080
Basic and Diluted  Earnings
Per Common Share:
Net earnings (loss) attributable
to common shareholders
per weighted average common share:
Continuing operations - Basic	$	0.38	$	(0.81)	$	(0.97)	$	(1.90)
Discontinued operations - Basic		0.15		1.36		(0.19)		0.85
Total - Basic EPS	$	0.53	$	0.55	$	(1.16)	$	(1.05)
Continuing operations - Diluted	$	(0.09)	$	(0.81)	$	(0.97)	$	(1.90)
Discontinued operations - Diluted		0.07		1.36		(0.19)		0.85
Total - Diluted EPS	$	(0.02)	$	0.55	$	(1.16)	$	(1.05)

The net earnings (loss) attributable to noncontrolling interest is allocated between continuing and discontinued operations.  Additionally, unvested stock awards, warrants, the Series C convertible preferred stock, and the preferred operating units, if any, have been omitted from the denominator for the purpose of computing diluted earnings per share when the effects of including these awards in the denominator would be antidilutive due to the loss from continuing operations applicable to common shareholders.  The following table summarizes the weighted average of common stock equivalence of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:

	Three months ended		Six months ended
	June 30,		June 30,
	2013	2012	2013	2012
Preferred operating units	0	1,428	0	1,428
Outstanding stock options	27,875	26,938	27,875	26,937
Unvested stock awards outstanding	0	74	1,594	37
Warrants	3,750,000	3,787,425	3,750,000	3,024,725
Series C preferred stock	0	3,750,000	3,750,000	3,062,151
Total potentially dilutive securities
excluded from the denominator	3,777,875	7,565,865	7,529,469	6,115,278