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3. Earnings per Share of Common Stock
The following tables set forth the computation of basic and diluted earnings per share of common stock for the three and six months
ended June 30, 2012 and 2011. We computed basic earnings per share for the three and six months ended June 30, 2012 and 2011 using the weighted average number of shares outstanding during the periods. Diluted earnings per share for
the three and six months ended June 30, 2012 and 2011, 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.
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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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2012 |
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2011 |
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2012 |
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2011 |
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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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$ |
(192 |
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$ |
331 |
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$ |
67 |
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$ |
772 |
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Denominator for basic weighted average shares of common stock (in thousands)
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10,945 |
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9,782 |
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10,945 |
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9,522 |
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Basic (loss) earnings per share of common stock
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$ |
(0.02 |
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$ |
0.04 |
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$ |
0.01 |
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$ |
0.08 |
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Calculation of diluted earnings per share of comon stock:
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Net (loss) income available to common stockholders
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$ |
(192 |
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$ |
331 |
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$ |
67 |
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$ |
772 |
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Add: Income impact of assumed conversion of senior common stock
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15 |
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41 |
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31 |
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Net (loss) income available to common stockholders plus assumed conversions
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$ |
(192 |
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$ |
346 |
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$ |
108 |
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$ |
803 |
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Denominator for basic weighted average shares of common stock (in thousands)
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10,945 |
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9,782 |
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10,945 |
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9,522 |
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Effect of convertible senior common stock (in thousands)
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—
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(1)
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52 |
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66 |
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52 |
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Denominator for diluted weighted average shares of common stock (in thousands)
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10,945 |
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9,834 |
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11,011 |
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9,574 |
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Diluted (loss) earnings per share of common stock
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$ |
(0.02 |
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$ |
0.04 |
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$ |
0.01 |
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$ |
0.08 |
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(1)
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The convertible
senior common stock was excluded from the calculation of diluted earnings per share for the three months ended June 30, 2012 because it was anti-dilutive.
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