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Earnings per share | 9 Months Ended
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Sep. 30, 2015
Earnings Per Share [Abstract] |
Earnings per share | 5. Earnings per share The Company computes earnings per share by applying the guidance stated in ASC 260, Earnings per Share. The treasury stock method has been used to compute earnings per share. The Company has issued warrants (“Private Placement Warrants”) that represent the right to purchase shares of the Company’s common stock, a stock appreciation right (“SAR”) and restricted stock, all of which have been evaluated for their potentially dilutive effect under the treasury stock method. Refer to Note 11, “Stockholders’ equity” for a further description of the Private Placement Warrants and Note 10, “2012 Incentive compensation plan” for a further description of the SAR and restricted stock. 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 earnings per share. As of September 30, 2015 and 2014, the Company’s Private Placement Warrants, SAR and restricted stock were evaluated for their potentially dilutive effect under the treasury stock method. See the table below for detail as to the dilutive effect of using the treasury stock method. The computations of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014, were as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 9,109 |  |  | $ | 7,148 |  |  | $ | 12,574 |  |  | $ | 13,405 |
Change in the value of Private Placement Warrants |  |  | (8,750 | ) |  |  | (858 | ) |  |  | (8,040 | ) |  |  | (1,190 | )
|  | $ | 359 |  |  | $ | 6,290 |  |  | $ | 4,534 |  |  | $ | 12,215 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding-basic |  |  | 10,814,765 |  |  |  | 10,794,229 |  |  |  | 10,804,720 |  |  |  | 10,676,792 |
Incremental shares from assumed exercise of Private Placement Warrants, SAR and restricted stock, if applicable |  |  | 254,160 |  |  |  | 373,369 |  |  |  | 316,001 |  |  |  | 448,324 |
Weighted average common shares outstanding-diluted |  |  | 11,068,925 |  |  |  | 11,167,598 |  |  |  | 11,120,721 |  |  |  | 11,125,116 |
Earnings per share of common stock – basic and diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share of common stock – basic |  | $ | 0.84 |  |  | $ | 0.66 |  |  | $ | 1.16 |  |  | $ | 1.26 |
Earnings per share of common stock – diluted |  | $ | 0.03 |  |  | $ | 0.56 |  |  | $ | 0.41 |  |  | $ | 1.10 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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