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Earnings (Loss) per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
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Earnings (Loss) per Share
 
Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Net income (loss) available to common shareholders for the three months ended March 31, 2013 and 2012 was calculated using the two-class method, which is an earnings (loss) allocation method for computing earnings (loss) per share when an entity’s capital structure includes common stock and participating securities. The two-class method determines earnings (losses) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings (loss). The application of the two-class method was required since the Company’s unvested restricted stock contains non-forfeitable rights to dividends or dividend equivalents. However, unvested restricted stock grants are not included in computing basic earnings (loss) per share for periods where the Company has losses as these securities are not contractually obligated to share in losses of the Company.
 
Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding plus, where applicable, the additional potential common shares that would have been outstanding related to dilutive options, warrants, restricted stock units and unvested restricted stock to the extent such shares are dilutive.
 
The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three months ended March 31, 2014 and 2013.
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
Basic loss per share attributable to common stock:
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
Net loss
 
$
(5,267,156)
 
$
(1,351,734)
 
 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Weighted avg. common shares outstanding
 
 
12,728,086
 
 
4,455,790
 
 
 
 
 
 
 
 
 
Basic loss per share attributable to common stock
 
$
(0.41)
 
$
(0.30)
 
 
 
 
 
 
 
 
 
Diluted loss per share attributable to common stock:
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
Net loss
 
$
(5,267,156)
 
$
(1,351,734)
 
Denominator
 
 
 
 
 
 
 
Weighted avg. common shares outstanding
 
 
12,728,086
 
 
4,455,790
 
 
 
 
 
 
 
 
 
Diluted loss per share attributable to common stock
 
$
(0.41)
 
$
(0.30)
 
 
The computation of diluted loss per share for the three months ended March 31, 2014 and 2013 does not include the following unvested restricted stock, unvested restricted stock units, stock options and warrants to purchase shares in the computation of diluted loss per share because these instruments were antidilutive:
 
 
 
March 31,
 
 
 
2014
 
2013
 
Stock options
 
1,294,733
 
1,170,145
 
Unvested resticted stock
 
12,000
 
99,720
 
Unvested resticted stock units
 
15,000
 
-
 
Warrants
 
20,467
 
20,467