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Earnings (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2012
Earnings (Loss) Per Common Share

NOTE 23 – EARNINGS (LOSS) PER COMMON SHARE

The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and unvested share-based payment awards according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share computation follow:

 

     2012     2011     2010  

Basic

       

Net loss

    $ (3,766 )    $ (5,425 )    $ (6,870 ) 

Less: Preferred dividends and accretion of discount on preferred stock

      4,632        (425 )      (410 ) 

Less: Net loss allocated to unvested share-based payment awards

      —          34        29   
  

 

 

    

 

 

    

 

 

  

Net earnings (loss) allocated to common stockholders

    $ 866      $ (5,816 )      (7,251 ) 
  

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding including unvested share-based payment awards

      6,317,032        825,376        822,262   

Less: Unvested share-based payment awards

      (2,331 )      (4,801 )      (3,304 ) 
  

 

 

    

 

 

    

 

 

  

Average shares

      6,314,701        820,575        818,958   
  

 

 

    

 

 

    

 

 

  

Basic earnings ( loss) per common share

    $ 0.14      $ (7.09 )    $ (8.85 ) 
  

 

 

    

 

 

    

 

 

  

Diluted

       

Net earnings (loss) allocated to common stockholders

    $ 866      $ (5,816 )    $ (7,251 ) 
  

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding for basic earnings (loss) per common share

      6,314,701        820,575        818,958   

Add: Dilutive effects of assumed exercises of stock options

      948        —          —     

Add: Dilutive effects of assumed exercises of stock warrant

      —          —          —     
  

 

 

    

 

 

    

 

 

  

Average shares and dilutive potential common shares

      6,315,649        820,575        818,958   
  

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) per common share

    $ 0.14      $ (7.09 )    $ (8.85 ) 
  

 

 

    

 

 

    

 

 

  

The following potential average common shares were anti-dilutive and not considered in computing diluted earnings (loss) per common share because the Company had a loss from continuing operations.

 

     2012      2011      2010  

Stock options

      40,502         43,296         53,955   

Stock warrant

      49,474         67,314         67,314