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Income (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2013
Income (Loss) Per Common Share

Note 2: Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:

(Dollars In Thousands, Except Per Share Amounts)

 

     Three Months Ended  
     March 31,  
     2013     2012  

Numerator:

     

Net income (loss)

    $ (68 )    $ 14,303   

Dividends on Series B Preferred

      (240 )      (240 ) 

Dividends on Series D Preferred

      (60 )      (60 ) 
  

 

 

    

 

 

  

Total dividends on preferred stocks

      (300 )      (300 ) 
  

 

 

    

 

 

  

Numerator for basic net income (loss) per common share—net income (loss) applicable to common stock

      (368 )      14,003   

Dividends on preferred stocks assumed to be converted, if dilutive

      —          300   
  

 

 

    

 

 

  

Numerator for diluted net income (loss) per common share

    $ (368 )    $ 14,303   
  

 

 

    

 

 

  

Denominator:

     

Denominator for basic net income (loss) per common share—weighted-average shares

      22,423,616        22,323,780   

Effect of dilutive securities:

     

Convertible preferred stocks

      —          918,026   

Stock options

      —          281,714   
  

 

 

    

 

 

  

Dilutive potential common shares

      —          1,199,740   
  

 

 

    

 

 

  

Denominator for diluted net income (loss) per common share—adjusted weighted-average shares and assumed conversions

      22,423,616        23,523,520   
  

 

 

    

 

 

  

Basic net income (loss) per common share

    $ (0.02 )    $ 0.63   
  

 

 

    

 

 

  

Diluted net income (loss) per common share

    $ (0.02 )    $ 0.61   
  

 

 

    

 

 

  

The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:

 

     Three Months Ended  
     March 31,  
     2013      2012  

Convertible preferred stocks

      916,666         —     

Stock options

      713,247         254,000   
  

 

 

     

 

 

  
     1,629,913         254,000