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Net Income per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Net Income per Share

Note 15 – Net Income per Share

GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity.

The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock.

The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three months ended March 31, 2013 and 2012:

 

     For the three
months ended
March 31, 2013		     For the three
months ended
March 31, 2012		  

Numerator:

     

Net income

    $ 11,932      $ 9,093   

Preferred dividends

      (1,860 )      —     
  

 

 

    

 

 

  

Net income available to common stockholders

      10,072        9,093   
  

 

 

    

 

 

  

Dividends declared on common stock

      (14,748 )      (8,224 ) 

Dividends on participating securities

      (195 )      (168 ) 
  

 

 

    

 

 

  

Net income (loss) attributable to common stockholders

    $ (4,871 )    $ 701   
  

 

 

    

 

 

  

Denominator:

     

Weighted average shares of common stock outstanding

      30,105,939        20,966,426   

Basic and diluted net income (loss) per weighted average share of common stock

     

Distributable Earnings

    $ 0.49      $ 0.40   

Undistributed income (loss)

    $ (0.16 )    $ 0.03   
  

 

 

    

 

 

  

Basic and diluted net income (loss) per share of common stock

    $ 0.33      $ 0.43   
  

 

 

    

 

 

  

 

For the three months ended March 31, 2013, unvested RSUs of 374,750 were excluded from the calculation of diluted net loss per share because the effect was anti-dilutive.