Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

(12) Earnings Per Share

Basic and diluted net earnings or loss per share is computed by dividing earnings or loss available to common shareholders by the weighted average number of shares of common stock outstanding.  For 2011, earnings or loss available to common shareholders is computed as net income or loss less the 15% cumulative annual compounding dividend earned by preferred shareholders. See Note 7 for further information.   The computation of earnings or loss available to common shareholders is presented in our consolidated statements of operations.  Diluted earnings per share includes the dilution that could occur based on outstanding restricted stock awards and the potential exercise of stock options, except for stock options with an exercise price of more than the average market price of our common stock, as such exercise would be anti-dilutive.

In 2013, 2012, and 2011, options to purchase 5,023,602, 4,579,300 and 941,556 shares of our Common Stock, respectively, had exercise prices greater than the average market price of our common stock, and, therefore, are not included in the calculations of diluted net income (loss) per share.  The restricted stock issued in 2013 was not included in the calculation of basic or diluted net income (loss) per share as the shares were not vested as of December 31, 2013. 

As a result of the losses in 2013, 2012 and 2011, incremental shares from the assumed conversion of employee stock options totaling 3,894,688, 7,593,152, and 8,249,478 shares, respectively, have been excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive.

Potentially dilutive Common Stock equivalent securities, including securities that may be considered in the calculation of diluted earnings per share outstanding as of December 31, 2013, 2012 and 2011 were 11,018,290, 12,172,452, and 9,191,034, respectively.