• Filing Date: 2014-03-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Earnings Per Share
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

Note 14 — Earnings Per Share

U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted earnings per share during periods of net income.

 

A summary of the numerator and denominator of the basic and fully diluted earnings per common share is presented below:

 

     Income
(Numerator)
    Shares
(Denominator)
     Per Share
Amount
 

Year Ended December 31, 2013

       

Net income

   $ 65,562        

Less: Preferred stock dividends

     (104     

Less: Income attributable to participating securities

     (3,213     
  

 

 

      

Basic Earnings Per Share:

       

Income allocated to common stockholders

     62,245        10,691       $ 5.82   
       

 

 

 

Effect of Dilutive Securities:

       

Stock options

     —          163      

Convertible preferred stock

     104        178      

Convertible senior notes

     237        90      
  

 

 

   

 

 

    

Diluted Earnings Per Share:

       

Income available to common stockholders and assumed conversions

   $ 62,586        11,122       $ 5.63   
  

 

 

   

 

 

    

 

 

 

Year Ended December 31, 2012

       

Net income

   $ 30,157        

Less: Preferred stock dividends

     (322     

Less: Income attributable to participating securities

     (488     
  

 

 

      

Basic Earnings Per Share:

       

Income available to common stockholders

     29,347        8,497       $ 3.45   
       

 

 

 

Effect of Dilutive Securities:

       

Stock options

     —          220      

Convertible preferred stock

     322        655      

Warrants

     —          441      
  

 

 

   

 

 

    

Diluted Earnings Per Share:

       

Income available to common stockholders and assumed conversions

   $ 29,669        9,813       $ 3.02   
  

 

 

   

 

 

    

 

 

 

Year Ended December 31, 2011

       

Net income

   $ 9,964        

Less: Preferred stock dividends

     (815     
  

 

 

      

Basic Earnings Per Share:

       

Income available to common stockholders

     9,149        6,132       $ 1.49   
       

 

 

 

Effect of Dilutive Securities:

       

Stock options

     —          352      

Convertible preferred stock

     815        961      
  

 

 

   

 

 

    

Diluted Earnings Per Share:

       

Income available to common stockholders and assumed conversions

   $ 9,964        7,445       $ 1.34   
  

 

 

   

 

 

    

 

 

 

 

For the year ended December 31, 2011, 2,738,335 warrants to purchase 1,405,001 shares of common stock were excluded from the computation of diluted earnings per share because the exercise price of $9.10 exceeded the average market price of the Company’s common stock. On September 26, 2012, the Company’s Board of Directors fixed October 27, 2012 as the cancellation date for the IPO warrants. As such, the record holders of the IPO warrants had no further rights under the warrants on and after October 27, 2012.