Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

2. Earnings Per Common Share

Basic earnings per common share is based on the weighted average number of common shares outstanding for the three months and nine months ended September 30, 2013 and 2012. Diluted earnings per share is based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed conversion of convertible instruments, exercise of all potentially dilutive stock options and other stock units subject to anti-dilution limitations.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income attributable to common stockholders	$	901	$	500	$	3,617	$	1,595
Weighted-average basic shares		8,004,026		7,915,039		7,985,438		7,895,318

Basic earnings per common share	$	0.11	$	0.06	$	0.45	$	0.20

Add back preferred dividends	$	86	$	**	$	256	$	**
Net income after assumed conversions		987		500		3,873		1,595
Dilutive effect of :
Convertible preferred stock		1,000,000		**		1,000,000		**
Stock options and restricted stock units		459,358		308,371		453,997		357,517
Warrants		33,672		**		11,224		**
Total weighted-average diluted shares		9,497,056		8,223,410		9,450,719		8,252,835

Diluted earnings per common share	$	0.10	$	0.06	$	0.41	$	0.19

**	These items were excluded because they were determined to be non-dilutive during these periods.

- Definition

The entire disclosure for earnings per share.

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