Annual report pursuant to Section 13 and 15(d)

Earnings per Share

v2.4.0.8
Earnings per Share
12 Months Ended
Dec. 31, 2013
Earnings per Share  
Earnings per Share

13.                        Earnings per Share

 

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options, common warrants and restricted stock using the treasury stock method.

 

The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders:

 

 

 

Year ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Basic income per share calculation:

 

 

 

 

 

 

 

Net income

 

$

3,660

 

$

465

 

$

7,605

 

 

 

 

 

 

 

 

 

Basic number of weighted-average shares outstanding

 

33,191,088

 

32,162,672

 

31,643,390

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.11

 

$

0.01

 

$

0.24

 

 

 

 

 

 

 

 

 

Diluted income per share calculation:

 

 

 

 

 

 

 

Net income

 

$

3,660

 

$

465

 

$

7,605

 

 

 

 

 

 

 

 

 

Basic number of weighted-average shares outstanding

 

33,191,088

 

32,162,672

 

31,643,390

 

Effect of dilutive shares:

 

 

 

 

 

 

 

Options to purchase common stock

 

1,979,474

 

954,056

 

974,192

 

Common warrants

 

378,282

 

177,257

 

211,495

 

Restricted stock

 

117,731

 

47,630

 

34,757

 

Diluted number of weighted-average shares outstanding

 

35,666,575

 

33,341,615

 

32,863,834

 

 

 

 

 

 

 

 

 

Diluted net income per share

 

$

0.10

 

$

0.01

 

$

0.23

 

 

Common share equivalents for securities that were anti-dilutive and therefore excluded from the computation of diluted earnings per share are as follows:

 

 

 

Year ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Options to purchase common stock

 

 

1,209,748

 

121,000

 

Unvested restricted stock

 

432,272

 

559,551

 

 

Total

 

432,272

 

1,769,299

 

121,000