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Earnings per Share | 9 Months Ended
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Sep. 30, 2014
Earnings per Share |
Earnings per Share | Note 15 — Earnings per Share We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with nonforfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with nonforfeitable dividends do not have such an obligation so they are not allocated losses. At September 30, 2014 and 2013, we had 846,000 and 893,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share as the effect would have been anti-dilutive. A summary of the components used to calculate basic and diluted earnings per share follows (in thousands, except per share):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (Restated) |  |  |  | (Restated) |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 3,766 |  | $ | 2,830 |  | $ | 15,914 |  | $ | 10,481 |
Less: Preferred dividends |  | 4,147 |  | 4,147 |  | 12,441 |  | 10,443 |
Allocation to participating securities |  | 27 |  | 21 |  | 68 |  | 52 |
Attributable to non-controlling interest |  | (5 | ) | 211 |  | 43 |  | 326 |
Income (loss) from continuing operations attributable to common stockholders |  | (403 | ) | (1,549 | ) | 3,362 |  | (340 | )
Income (loss) from discontinued operations attributable to common stockholders |  | (58 | ) | (3,258 | ) | 275 |  | (2,398 | )
Net income (loss) attributable to common stockholders |  | $ | (461 | ) | $ | (4,807 | ) | $ | 3,637 |  | $ | (2,738 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic |  | 85,303 |  | 68,157 |  | 85,192 |  | 65,460 |
Dilutive effect of equity-based compensation awards |  | — | (1) | 457 |  | 512 |  | 394 |
Weighted average common shares outstanding - diluted |  | 85,303 |  | 68,614 |  | 85,704 |  | 65,854 |
Earnings per common share - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (0.01 | ) | $ | (0.02 | ) | $ | 0.04 |  | $ | (0.01 | )
Net income (loss) from discontinued operations |  | — |  | (0.05 | ) | — |  | (0.03 | )
Net income (loss) |  | $ | (0.01 | ) | $ | (0.07 | ) | $ | 0.04 |  | $ | (0.04 | )
(1) Equity-based compensation awards of 613 shares have been excluded from weighted average common shares outstanding as their inclusion would have been anti-dilutive.

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