Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v2.4.1.9
Earnings per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings per Share

(3)

Earnings per Share

Basic net income per common share is calculated by dividing the income available to common stockholders by the weighted average common shares outstanding during each reporting period.  Diluted net income per common share adjusts the weighted average number of common shares outstanding for the potential dilution that could occur if common stock equivalents (convertible debt, warrants, stock options and restricted stock units) were exercised or converted into common stock, calculated using the treasury stock method.  We had no participating securities during the three months ended March 31, 2015 and 2014.

Common stock equivalents of 105,796 and 386,975 for the three months ended March 31, 2015 and 2014, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.

 

 

 

For the Three Months Ended March 31,

 

 

 

2015

 

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

Net income available to common stockholders for basic and diluted net income per

   common share

 

$

105,692

 

 

$

93,988

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic net income per common share (a)

 

 

5,570,748

 

 

 

6,094,784

 

Weighted average impact of dilutive equity instruments

 

 

69,090

 

 

 

79,064

 

Weighted average shares for diluted net income per common share

 

 

5,639,838

 

 

 

6,173,848

 

Net income per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

0.02

 

Diluted

 

$

0.02

 

 

$

0.02

 

(a)

During the three months ended March 31, 2014, 272,856 shares of common stock were reserved for conversion in connection with the 7% Exchangeable Senior Subordinated Notes due 2014 (the “Exchangeable Notes”) and were considered to be anti-dilutive in our calculation of diluted net income per share.  The Exchangeable Notes were fully converted into shares of our common stock as of December 1, 2014.