| Earnings (Loss) Per Share of Common Stock |
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 and six months ended
June 30, 2013 and 2012. We computed basic earnings (loss) per
share for the three and six months ended June 30, 2013 and
2012 using the weighted average number of shares outstanding during
the periods. Diluted earnings per share for the three and six
months ended June 30, 2013 and 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, except per share amounts).
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For the three months ended June 30, |
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For the six months ended
June 30, |
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2013 |
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2012 |
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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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$ |
(641 |
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$ |
(192 |
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$ |
(1,286 |
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$ |
67 |
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Denominator for basic
weighted average shares of common stock
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12,380,402 |
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10,945,379 |
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11,808,701 |
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10,945,379 |
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Basic (loss) earnings per
share of common stock
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$ |
(0.05 |
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$ |
(0.02 |
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$ |
(0.11 |
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$ |
0.01 |
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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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$ |
(641 |
) |
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$ |
(192 |
) |
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$ |
(1,286 |
) |
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$ |
67 |
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Add: Income impact of
assumed conversion of senior common stock (1)
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— |
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— |
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— |
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41 |
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Net (loss) income available
to common stockholders plus assumed conversions
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$ |
(641 |
) |
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$ |
(192 |
) |
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$ |
(1,286 |
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$ |
108 |
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Denominator for basic
weighted average shares of common stock
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12,380,402 |
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10,945,379 |
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11,808,701 |
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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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— |
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— |
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65,880 |
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Denominator for diluted
weighted average shares of common stock
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12,380,402 |
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10,945,379 |
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11,808,701 |
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11,011,259 |
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Diluted (loss) earnings per
share of common stock
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$ |
(0.05 |
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$ |
(0.02 |
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$ |
(0.11 |
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$ |
0.01 |
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| (1) |
Convertible senior common stock was excluded from the
calculation of diluted earnings per share for the three and six
months ended June 30, 2013 and the three months ended
June 30, 2012 because it was anti-dilutive. Had the
convertible senior common stock been included in the calculation,
195,759, 180,753 and 66,000 additional shares would have been
included in the diluted weighted average shares of common stock for
the three and six months ended June 30, 2013 and the three
months ended June 30, 2012, respectively.
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