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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Common Share

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, 2014 and 2013. Diluted earnings per common 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 per common share (in thousands, except shares and per share data):

 

Continuing Operations***

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Net income attributable to common stockholders***

$

(2,068

)

 

$

1,116

 

 

$

(330

)

 

$

3,967

 

Weighted average basic shares

 

8,180,970

 

 

 

8,004,026

 

 

 

8,137,133

 

 

 

7,985,318

 

Dilutive effect of preferred stock, warrants, stock options

   and restricted stock units *

 

-

 

 

 

1,493,030

 

 

-

 

 

 

1,465,401

 

Total weighted average diluted shares

 

8,180,970

 

 

 

9,497,056

 

 

 

8,137,133

 

 

 

9,450,719

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.25

)

 

$

0.14

 

 

$

(0.04

)

 

$

0.50

 

Dilutive **

$

(0.25

)

 

$

0.13

 

 

$

(0.04

)

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With Discontinued Operations

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Net income attributable to common stockholders

$

(2,089

)

 

$

901

 

 

$

(3,003

)

 

$

3,617

 

Weighted average basic shares

 

8,180,970

 

 

 

8,004,026

 

 

 

8,137,133

 

 

 

7,985,318

 

Dilutive effect of preferred stock, warrants, stock options

   and restricted stock units *

-

 

 

 

1,493,030

 

 

-

 

 

 

1,465,401

 

Total weighted average diluted shares

 

8,180,970

 

 

 

9,497,056

 

 

 

8,137,133

 

 

 

9,450,719

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.26

)

 

$

0.11

 

 

$

(0.37

)

 

$

0.45

 

Dilutive **

$

(0.26

)

 

$

0.10

 

 

$

(0.37

)

 

$

0.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* No shares are dilutive when losses are reported.

** When preferred shares are assumed converted, their dividends are added back to net income.

***Net income (loss) from continuing operations less dividends on redeemable convertible preferred stock.