| EARNINGS PER COMMON SHARE |
EARNINGS PER COMMON SHARE
Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the conversion of all outstanding Series A preferred stock, restricted stock grants have vested and common shares have been issued pursuant to the exercise of outstanding stock options.
Computations of basic and diluted earnings per common share of the Company were as follows (in thousands, except share and per share data):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
Net income attributable to common shares(1)
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$ |
4,213 |
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$ |
5,136 |
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$ |
13,752 |
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$ |
16,092 |
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Shares: |
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Weighted average number of common shares outstanding—basic |
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20,098,239 |
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19,918,876 |
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20,039,609 |
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20,426,277 |
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Assumed conversion of Series A Preferred Stock (2)
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— |
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— |
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— |
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— |
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Net effect of dilutive stock options and restricted stock awards based on the treasury stock method (3)
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65,751 |
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41,577 |
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68,790 |
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37,518 |
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Weighted average number of common shares outstanding—diluted |
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20,163,990 |
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19,960,453 |
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20,108,399 |
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20,463,795 |
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Earnings per common share: |
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Basic |
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$ |
0.21 |
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$ |
0.26 |
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$ |
0.69 |
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$ |
0.79 |
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Diluted |
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$ |
0.21 |
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$ |
0.26 |
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$ |
0.68 |
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$ |
0.79 |
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(1) |
Excludes net income attributable to unvested restricted common shares of $53 and $68 for the three months ended September 30, 2014 and 2013, respectively, and $180 and $140 for the nine months ended September 30, 2014 and 2013, respectively.
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(2) |
Excludes weighted average common shares of 0 for the three months ended September 30, 2014 and 2013 and 0 and 905,430 for the nine months ended September 30, 2014 and 2013, respectively, that were issuable upon the conversion of Series A preferred stock as the effect of their inclusion in the computation would have been antidilutive.
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(3) |
Excludes weighted average common shares of 45,000 and 207,560 for the three months ended September 30, 2014 and 2013, respectively, and 31,978 and 139,562 for the nine months ended September 30, 2014 and 2013, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.
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