Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share ("EPS")

v3.5.0.2
Earnings Per Share ("EPS")
6 Months Ended
Jun. 30, 2016
Earnings Per Share ("EPS") [Abstract]  
Earnings Per Share ("EPS")

Note 4 - Earnings Per Share (“EPS”)

 

Basic EPS is computed by dividing net income by the basic weighted-average number of shares outstanding during the period.

 

Diluted EPS is computed by dividing net income by the diluted weighted-average number of shares outstanding during the period and, accordingly, reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as stock options, were exercised, settled or converted into common stock and were dilutive. The diluted weighted-average number of shares used in our diluted EPS calculation is determined using the treasury stock method.

 

Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our restricted stock awards, are considered to be participating securities, and therefore, the two-class method is used for purposes of calculating EPS. Under the two-class method, a portion of net income is allocated to these participating securities and is excluded from the calculation of EPS allocated to common stock. Our restricted stock awards are subject to forfeiture and restrictions on transfer until vested and have identical voting, income and distribution rights to the unrestricted common shares outstanding. Our weighted average unvested restricted stock awards outstanding were 885,486 for the three and six months ended June 30, 2016. We had no unvested restricted stock awards outstanding for the three and six months ended June 30, 2015.

 

The calculations of basic and diluted EPS are as follows:

 

    Three Months Ended June 30, 2016     Three Months Ended June 30, 2015  
    Net  Income     Weighted Average Shares Outstanding     Earnings Per Share     Net Loss     Weighted
Average
Shares
Outstanding
    Loss Per Share  
    (in thousands, except per share data)     (in thousands, except per share data)  
Basic:            
As reported   $ 1,025       21,846             $ (979 )     20,193          
Amounts allocated to unvested restricted shares     (42 )     (885 )                            
Amounts available to common stockholders   $ 983       20,961     $ 0.05     $ (979 )     20,193     $ (0.05 )
Diluted:                                                
Amounts allocated to unvested restricted shares     42                                    
Non participating share units             885                                
Amounts reallocated to unvested restricted shares     (43 )                                  
Amounts available to stockholders and assumed conversions   $ 982       21,846     $ 0.04     $ (979 )     20,193     $ (0.05 )

 

    Six Months Ended June 30, 2016     Six Months Ended June 30, 2015  
    Net  Income     Weighted Average Shares Outstanding     Earnings Per Share     Net Loss     Weighted
Average
Shares
Outstanding
    Loss Per Share  
    (in thousands, except per share data)     (in thousands, except per share data)  
Basic:            
As reported   $ 1,618       21,846             $ (1,590 )     20,096          
Amounts allocated to unvested restricted shares     (66 )     (885 )                            
Amounts available to common stockholders   $ 1,552       20,961     $ 0.08     $ (1,590 )     20,096     $ (0.08 )
Diluted:                                                
Amounts allocated to unvested restricted shares     66                                    
Non participating share units             885                                
Amounts reallocated to unvested restricted shares     (68 )                                  
Amounts available to stockholders and assumed conversions   $ 1,550       21,846     $ 0.07     $ (1,590 )     20,096     $ (0.08 )