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Earnings per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share
Basic EPS is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for that period. Diluted EPS takes into account the effect of dilutive instruments, such as share options, warrants and unvested restricted shares, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of March 31, 2013, the Company did not have any dilutive instruments outstanding. Common shares outstanding used in EPS have been adjusted to reflect the impact of the common share dividend discussed in Note 8.
The following table presents a reconciliation of the earnings and shares used in calculating basic EPS for the three month period ended March 31, 2013:
(Dollar amounts in thousands)
 
Three Month Period Ended March 31, 2013
Numerator:
 
 
Net income
 
$
1,129

Denominator:
 
 
Basic weighted average shares outstanding
 
1,633,378

Basic Earnings Per Share
 
$
0.69