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Earnings per share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings per share

5. Earnings per share

The Company computes earnings (loss) per share by applying the guidance stated in ASC 260, Earnings per Share. The treasury stock method has been used to compute earnings (loss) per share. The Company has issued warrants (“Private Placement Warrants”) that represent the right to purchase shares of the Company’s common stock, stock appreciation rights (“SAR”), restricted stock and contingent consideration, all of which have been evaluated for their potentially dilutive effect under the treasury stock method. Refer to Note 22, “Stockholders’ equity” for a further description of the Private Placement Warrants, Note 11, “2012 Incentive compensation plan” for a further description of the SAR and restricted stock and Note 11, “Fair value of financial instruments”, for a further description of the contingent consideration.

 

Computation of dilutive common shares

The Company utilizes the treasury stock method described in ASC 260-10-55 to determine the number of treasury shares assumed to be purchased from the hypothetical proceeds of exercise, with any residual shares representing the incremental common shares to be issued and included in diluted EPS. As of June 30, 2014, the Company’s Private Placement Warrants, SAR, restricted stock and contingent consideration were evaluated for their potentially dilutive effect under the treasury stock method.

As of June 30, 2013, the Company’s Private Placement Warrants, SAR and restricted stock were evaluated for their potentially dilutive effect. Due to the loss reported in the unaudited condensed consolidated statements of operations, any potentially issuable shares of Company common stock associated with the Private Placement Warrants, SAR and restricted stock were not included in the dilutive EPS calculation for the three or six months ended June 30, 2013. These potential shares were excluded from the diluted EPS calculation because they would have had an anti-dilutive effect under the treasury stock method.

The computations of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2014 and 2013, were as follows:

 

     Three months ended June 30,     Six months ended June 30,  
     2014     2013     2014     2013  

Numerator:

         

Net income (loss)

    $ 4,438      $ (2,100 )    $ 6,812      $ (5,027 ) 

Change in the value of Private Placement Warrants

      (99 )      —          (332 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  
     4,339        (2,100 )      6,480        (5,027 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

         

Weighted average common shares outstanding-basic

      10,627,913        9,243,773        10,585,187        9,171,942   

Incremental shares from assumed exercise of Private Placement Warrants, SAR, restricted stock and contingent consideration

      525,242       —         518,688        —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding-diluted

      11,153,155        9,243,773        11,103,875        9,171,942   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) per share of common stock – basic and diluted

         

Earnings (loss) per share of common stock – basic

    $ 0.42      $ (0.23 )    $ 0.64      $ (0.55 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) per share of common stock – diluted

    $ 0.39      $ (0.23 )    $ 0.58      $ (0.55 )