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Earnings per Share
 9 Months Ended
Sep. 30, 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 the period. Diluted EPS takes into account the effect of dilutive instruments, such as share options and warrants, 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 September 30, 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 11.
The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three and nine month periods ended September 30, 2013:
(In thousands except share amounts)
 
Three Month
Period Ended September 30, 2013
 
Nine Month
Period Ended September 30, 2013
 
September 25, 2012 (commencement of operations) September 30, 2012
Numerator:
 
 
 
 
 
 
Net income (loss)
 
$
6,785

 
$
(1,789
)
 
$
(8
)
Denominator:
 
 
 
 
 
 
Basic weighted average shares outstanding
 
9,133,940

 
5,699,501

 
1,575,000

Basic Earnings Per Share
 
$
0.74

 
$
(0.31
)
 
$
(0.01
)