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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

14. Earnings Per Share

The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partners and following the Company’s election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income. The computation of basic and diluted earnings per share is presented below.

 

     Three months ended
June 30, 2013		      Three months ended
June 30, 2012		     Six months ended
June 30, 2013		     Six months ended
June 30, 2012		  
     (unaudited)      (unaudited)     (unaudited)     (unaudited)  

Numerator

          

Net income (loss) attributable to the Company for basic computation

    $ 1,310,592       $ (1,653,654 )    $ (1,284,325 )    $ (3,948,008 ) 

Effect of the issuance of dilutive shares on the net loss attributable to the noncontrolling interest

      40,725         (22,379 )      (24,208 )      (39,627 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Net income (loss) attributable to the Company for dilutive computation

    $ 1,351,317       $ (1,676,033 )    $ (1,308,533 )    $ (3,987,635 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Denominator

          

Weighted average number of common shares outstanding for basic computation

      10,156,927         9,999,786        10,118,862        9,991,445   

Dilutive effect of warrants

      975,615         623,856        911,582        451,354   
  

 

 

     

 

 

    

 

 

    

 

 

  

Weighted average number common shares outstanding for dilutive computation

      11,132,542         10,623,642        11,030,444        10,442,799   
  

 

 

     

 

 

    

 

 

    

 

 

  

Basic net income (loss) per share

    $ 0.13       $ (0.17 )    $ (0.13 )    $ (0.40 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Diluted net income (loss) per share

    $ 0.12       $ (0.16 )    $ (0.12 )    $ (0.38 )