| 3. |
Earnings (Loss) per Share of Common Stock |
The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the three months
ended March 31, 2013 and 2012. We computed basic earnings (loss) per share for the three months ended March 31, 2013 and 2012 using the weighted average number of shares outstanding during the periods. Diluted earnings per share for
the three months ended March 31, 2012, reflects additional shares of common stock, related to our convertible senior common stock, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an
adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands).
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For the three months ended March 31, |
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2013 |
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2012 |
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Calculation of basic earnings per share of common stock:
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Net (loss) income available to common stockholders
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$ |
(643 |
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$ |
259 |
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Denominator for basic weighted average shares of common stock
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11,230,647 |
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10,945,379 |
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Basic (loss) earnings per share of common stock
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$ |
(0.06 |
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$ |
0.02 |
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Calculation of diluted earnings per share of common stock:
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Net (loss) income available to common stockholders
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$ |
(643 |
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$ |
259 |
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Add: Income impact of assumed conversion of senior common stock
(1)
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— |
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19 |
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Net (loss) income available to common stockholders plus assumed conversions
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$ |
(643 |
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$ |
278 |
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Denominator for basic weighted average shares of common stock
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11,230,647 |
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10,945,379 |
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Effect of convertible senior common stock
(1)
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— |
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61,218 |
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Denominator for diluted weighted average shares of common stock
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11,230,647 |
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11,006,597 |
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Diluted (loss) earnings per share of common stock
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$ |
(0.06 |
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$ |
0.02 |
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(1)
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Convertible senior common stock was excluded from the calculation of
diluted earnings per share for the three months ended March 31, 2013 because it was anti-dilutive. Had the convertible senior common stock been included in the calculation, 132,019 additional shares would have been included in the diluted
weighted average shares of common stock.
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