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Net Income Per Common Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share, Basic and Diluted [Abstract] |
Net Income per Common Share | NET INCOME (LOSS) PER COMMON SHARE Net income (loss) per common share is presented on both a basic and diluted basis. The Company does not currently have any potentially dilutive securities outstanding. Because the Company's Series A Cumulative Redeemable Preferred Stock 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 income (loss) per common share. Holders of unvested shares of the Company's 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 income (loss) per share using the two-class method. Upon vesting, restrictions on transfer expire on each share of restricted stock, and each such share of restricted stock is converted to one equal share of common stock. The following table presents the calculation of the numerator and denominator for both basic and diluted net income (loss) per common share for the periods indicated:
| For the Three Months Ended
| September 30, 2014 |  | September 30, 2013
| Net Income |  | Weighted-Average Common Shares |  | Net Loss |  | Weighted- Average Common Shares
Net income (loss) | $ | 30,866 |  |  |  |  | $ | (4,627 | ) |  |
Preferred stock dividends | (2,294 | ) |  |  |  | (2,294 | ) |  |
Net income (loss) to common shareholders | 28,572 |  |  | 54,731,414 |  |  | (6,921 | ) |  | 54,903,637 |
Effect of dilutive instruments | — |  |  | — |  |  | — |  |  | — |
Diluted net income (loss) to common shareholders | $ | 28,572 |  |  | 54,731,414 |  |  | $ | (6,921 | ) |  | 54,903,637 |
Net income (loss) per common share: |  |  |  |  |  |  |
Basic and diluted |  |  |  | $ | 0.52 |  |  |  |  |  | $ | (0.13 | )
| For the Nine Months Ended
| September 30, 2014 |  | September 30, 2013
| Net Income |  | Weighted-Average Common Shares |  | Net Income |  | Weighted- Average Common Shares
Net income (loss) | $ | 24,133 |  |  |  |  | $ | 46,510 |  |  |
Preferred stock dividends | (6,882 | ) |  |  |  | (5,608 | ) |  |
Net income (loss) to common shareholders | 17,251 |  |  | 54,689,762 |  |  | 40,902 |  |  | 54,727,950 |
Effect of dilutive instruments | — |  |  | — |  |  | — |  |  | — |
Diluted net income (loss) to common shareholders | $ | 17,251 |  |  | 54,689,762 |  |  | $ | 40,902 |  |  | 54,727,950 |
Net income (loss) per common share: |  |  |  |  |  |  |
Basic and diluted |  |  |  | $ | 0.32 |  |  |  |  |  | $ | 0.75 |

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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 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: 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 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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