Note 12: Net Income (Loss) Per Common Share

Basic net income (loss) per share attributable to common shareholders is computed by dividing net income (loss), excluding net income (loss) allocated to participating securities, by the weighted average number of shares outstanding less the weighted average of unvested restricted shares outstanding.

There were no dilutive effects from any equity instruments for periods presented which did not have net income, therefore diluted net income (loss) per share was the same as basic net income (loss) for periods presented which reflect a net loss.

The following table sets forth the computation of basic net income (loss) per share:


	(in thousands, except per share data)
	Three months ended June 30, 2014			Three months ended June 30, 2013			Six months ended June 30, 2014			Six months ended June 30, 2013
Numerator for basic net income (loss) per share:
Net income (loss)	$	17,322		$	(2,484	)	$	13,942		$	(6,300	)
Preferred deemed dividend		—			—			(9,455	)		—
Less: Net income (loss) attributed to participating securities		100			(10	)		30			(29	)

Net income (loss) attributable to common shareholders, net of income (loss) attributable to participating securities	$	17,222		$	(2,474	)	$	4,457		$	(6,271	)

Denominator for basic net income (loss) per share:
Weighted-average shares outstanding		202,164,035			201,156,078			202,071,761			201,156,078
Weighted-average unvested restricted shares outstanding		(1,164,554	)		(770,714	)		(1,333,534	)		(934,653	)

Denominator for basic net income (loss) per share:		200,999,481			200,385,364			200,738,227			200,221,425

Basic net income (loss) per share attributable to common shareholders	$	0.09		$	(0.01	)	$	0.02		$	(0.03	)

Diluted net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common and dilutive potential common shares outstanding during the period, if dilutive. Potentially dilutive common equivalent shares are composed of the incremental common shares issuable upon the exercise of warrants for common stock and the potential conversion of preferred shares to common shares. The following are the computations of the dilutive effect, calculated to indicate the impact if we had net income, and the anti-dilutive common stock equivalents excluded from the computations for the periods presented.


	(in thousands, except per share data)
	Three months ended June 30, 2014		Three months ended June 30, 2013			Six months ended June 30, 2014			Six months ended June 30, 2013
Numerator for diluted net income (loss) per share:
Net income (loss)	$	17,322	$	(2,484	)	$	13,942		$	(6,300	)
Preferred deemed dividend		—		—			(9,455	)		—
Less: Net income (loss) attributed to participating securities		100		(10	)		30			(29	)

Net income (loss) attributable to common shareholders, net of income (loss) attributable to participating securities	$	17,222	$	(2,474	)	$	4,457		$	(6,271	)

Denominator for diluted net income (loss) per share:
Weighted-average shares outstanding - basic		200,999,481		200,385,364			200,738,227			200,221,425
Effect of dilutive potential shares		42,587,735		N/A	^*		35,224,877			N/A	^*

Denominator for diluted net income (loss) per share:		243,587,216		200,385,364			235,963,104			200,221,425

Diluted net income (loss) per share attributable to common shareholders	$	0.07	$	(0.01	)	$	0.02		$	(0.03	)

^*	There were no dilutive effects from any equity instruments for periods presented which did not have net income, therefore diluted net income (loss) per share was the same as basic net income (loss) for periods presented which reflect a net loss.