| 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 and six months ended June 30, 2015 and 2014.
Common stock equivalents of 113,067 and 116,655 for the three months ended June 30, 2015 and 2014, respectively, and 114,443 and 386,276 for the six months ended June 30, 2015 and 2014, respectively, were excluded from the calculation of diluted net income per common share as the effect would have been anti-dilutive.
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For the Three Months Ended June 30,
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For the Six Months Ended June 30,
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2015
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2014
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2015
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2014
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Numerator:
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Net income available to common stockholders for basic net
income per common share
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$
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102,849
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$
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119,961
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$
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208,541
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$
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213,949
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Add back:
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Effect of interest on assumed conversions of convertible
debt
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—
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5,363
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—
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—
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Net income available to common stockholders for diluted net
income per common share
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$
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102,849
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$
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125,324
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$
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208,541
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$
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213,949
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Denominator:
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Weighted average common shares outstanding for basic net
income per common share
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5,443,590
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5,865,032
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5,506,818
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5,979,273
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Weighted average impact of assumed convertible
debt (a)
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—
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272,856
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—
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—
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Weighted average impact of dilutive equity instruments
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64,011
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72,190
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63,627
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75,498
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Weighted average shares for diluted net income per common
share
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5,507,601
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6,210,078
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5,570,445
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6,054,771
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Net income per common share:
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Basic
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$
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0.02
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$
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0.02
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$
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0.04
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$
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0.04
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Diluted
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$
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0.02
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$
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0.02
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$
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0.04
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$
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0.04
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(a)
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During the six months ended June 30, 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.
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