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Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Net Income (Loss) per Share
Net Income (Loss) 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 common shares and all potential common shares 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 common shares.
The table below presents basic and diluted net income per share of common stock using the two-class method for the years ended December 31, 2013, 2012 and 2011: 
 
For the year ended December 31,
 
2013
 
2012
 
2011
Numerator:
 
 
 
 
 
Net income
$
52,485

 
$
40,181

 
$
25,882

Preferred dividends
(7,440
)
 
(3,079
)
 
—

Net income available to common stockholders
45,045

 
37,102

 
25,882

Dividends declared on common stock
(59,008
)
 
(35,899
)
 
(30,494
)
Dividends on participating securities
(798
)
 
(628
)
 
(431
)
Net income (loss) attributable to common stockholders
$
(14,761
)
 
$
575

 
$
(5,043
)
Denominator:
 
 
 
 
 
Basic weighted average shares of common stock outstanding
35,212,211

 
22,259,386

 
18,840,954

Diluted weighted average shares of common stock outstanding
35,679,755

 
22,648,819

 
19,089,578

Basic and diluted net income (loss) per weighted average share of common stock
 
 
 
 
 
Distributable Earnings
$
1.68

 
$
1.61

 
$
1.62

Undistributed income (loss)
(0.42
)
 
$
0.03

 
$
(0.27
)
Basic and diluted net income per share of common stock
$
1.26

 
$
1.64

 
$
1.35


For 2013 and 2011, respectively, unvested RSUs of 467,544 and 248,624 were excluded from the calculation of diluted net loss per share because the effect was anti-dilutive.