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Net Income Per Common Share | 9 Months Ended
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Sep. 30, 2013
Earnings Per Share, Basic and Diluted [Abstract] |
Net Income per Common Share | NET (LOSS) INCOME PER COMMON SHARE Net (loss) income per common share is presented on both a basic and diluted basis. Diluted net (loss) income per common share assumes the exercise of stock options, if any were outstanding during the period presented, using the treasury stock method. Because the Company's Series A and Series B Cumulative Redeemable Preferred Stock are redeemable at the Company's option for cash only, and may convert into shares of common stock only upon a change of control of the Company, the effect of those shares is excluded from the calculation of diluted net (loss) income per common share. Holders of unvested shares of our issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities as per ASC 260-10 and therefore are included in the computation of basic net (loss) income per share using the two-class method. The following table presents the calculation of the numerator and denominator for both basic and diluted net (loss) income per common share:
| Three Months Ended
| September 30,
| 2013 |  | 2012
| Net Loss |  | Weighted-Average Common Shares |  | Net Income |  | Weighted- Average Common Shares
Net (loss) income | $ | (4,627 | ) |  |  |  | $ | 19,167 |  |  |
Preferred stock dividends | (2,294 | ) |  |  |  | (814 | ) |  |
Net (loss) income to common shareholders | (6,921 | ) |  | 54,903,637 |  |  | 18,353 |  |  | 54,367,349 |
Effect of dilutive stock options | — |  |  | — |  |  | — |  |  | 866 |
Diluted | $ | (6,921 | ) |  | 54,903,637 |  |  | $ | 18,353 |  |  | 54,368,215 |
Net (loss) income per common share: |  |  |  |  |  |  |
Basic |  |  |  | $ | (0.13 | ) |  |  |  |  | $ | 0.34 |
Diluted |  |  |  | $ | (0.13 | ) |  |  |  |  | $ | 0.34 |
| Nine Months Ended
| September 30,
| 2013 |  | 2012
| Net Income |  | Weighted-Average Common Shares |  | Net Income |  | Weighted- Average Common Shares
Net income | $ | 46,510 |  |  |  |  | $ | 54,489 |  |  |
Preferred stock dividends | (5,608 | ) |  |  |  | (814 | ) |  |
Net income to common shareholders | 40,902 |  |  | 54,727,950 |  |  | 53,675 |  |  | 52,751,763 |
Effect of dilutive stock options | — |  |  | — |  |  | — |  |  | — |
Diluted | $ | 40,902 |  |  | 54,727,950 |  |  | $ | 53,675 |  |  | 52,751,763 |
Net income per common share: |  |  |  |  |  |  |
Basic |  |  |  | $ | 0.75 |  |  |  |  |  | $ | 1.02 |
Diluted (1) |  |  |  | $ | 0.75 |  |  |  |  |  | $ | 1.02 |
(1) | For the nine months ended September 30, 2012, the calculation of diluted net income per common share excludes the effect of 15,000 unexercised stock option awards because their inclusion would have been anti-dilutive.

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