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 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 derivative liabilities (related to the Series C convertible preferred stock and warrants, and the convertible loan) during the period the convertible securities are dilutive. The computation of basic and diluted earnings per common share is presented below:



	Three months ended
(dollars in thousands, except per share data)	March 31,
	2015		2014
Basic and Diluted Earnings per Share
Calculation: *
Numerator: basic
Net earnings (loss) attributable to common shareholders:
Continuing operations	$	1,088	$	(1,533)
Discontinued operations		1,190		182
Net earnings (loss) attributable to common shareholders - total basic	$	2,278	$	(1,351)
Numerator: diluted
Net earnings (loss) attributable to common shareholders:
Continuing operations	$	1,088	$	(1,533)
Preferred stock dividend		507		0
Derivative Liability change in fair market value		(4,823)		0
Total continuing operations		(3,228)		(1,533)
Discontinued operations		1,190		182
Net loss attributable to common shareholders - total diluted	$	(2,038)	$	(1,351)
Denominator:
Weighted average number of common shares - basic		4,747,012		2,892,348
Restricted stock		1,115		0
Series C Convertible Preferred stock		18,750,000		0
Warrants - Employees		8,031		0
Weighted average number of common shares - diluted		23,506,158		2,892,348
Basic and Diluted Earnings
Per Common Share:
Net earnings (loss) attributable to common shareholders
per weighted average common share:
Continuing operations - basic	$	0.23	$	(0.53)
Discontinued operations - basic		0.25		0.06
Total - Basic EPS	$	0.48	$	(0.47)
Continuing operations - diluted	$	(0.14)	$	(0.53)
Discontinued operations - diluted		0.05		0.06
Total - Diluted EPS	$	(0.09)	$	(0.47)

* The loss (earnings) attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation. Long Term Incentive Plan (“LTIP”) and common operating units of SLP have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.

Potentially dilutive common shares, if any, have been excluded from the denominator if they are antidilutive to net earnings (loss) attributable to common shareholders. The number of weighted average shares of common stock for the three months ended March 31, 2015 is significantly higher than the outstanding shares at March 31, 2014 due to the issuance of common stock from the rights offering during the last month of the second quarter of 2014.

The following table summarizes the weighted average of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:



	Three months ended
	March 31,
	2015	2014
Outstanding stock options	8,750	17,563
Unvested stock awards outstanding	969	11,049
Warrants - Employees	138,556	0
Common operating units *	97,008	97,008
LTIP Units *	219,298	0
Warrants	3,750,000	3,750,000
Series C preferred stock	0	3,750,000
Convertible debt	0	1,307,190
Total potentially dilutive securities excluded from the denominator	4,214,581	8,932,810

* LTIP and common operating units of SLP have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.