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 [Abstract]  
Earnings Per Share
Earnings Per Share
 
Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares and, except for periods with a loss from operations, participating securities outstanding during the period. Diluted earnings (loss) per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued by the Company include convertible securities, options and warrants.
 
The following table sets forth the calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2013, 2012 and 2011:
 
Years Ended December 31,
 
2013
 
2012
 
2011
Net (loss) income
$
(42,699,458
)
 
$
(29,157,204
)
 
$
5,612,992

Preferred stock dividends
—

 
(43,333
)
 
(100,000
)
Net (loss) income attributable to common stockholders
$
(42,699,458
)
 
$
(29,200,537
)
 
$
5,512,992

 
 
 
 
 
 
Weighted average shares outstanding (basic and diluted)
121,808,986

 
99,059,997

 
90,509,326

(Loss) income per common share (basic and diluted)
$
(0.35
)
 
$
(0.29
)
 
$
0.06


 
Earnings (loss) per common share for the years ended December 31, 2013, 2012 and 2011 excludes the effects of 32.2 million, 38.4 million and 55.7 million common share equivalents, respectively, since such inclusion would be anti-dilutive. The excluded shares consist of common shares issuable upon exercise of outstanding stock options and warrants, and upon the conversion of convertible debt and convertible preferred stock.
 
The Company’s unvested stock awards contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”). Therefore, the unvested stock awards are required to be included in the number of shares outstanding for both basic and diluted earnings per share calculations. However, due to our loss from continuing operations, 634,250, 1,335,000 and 1,556,000 shares of unvested restricted stock were excluded in determining basic and diluted loss per share for the years ended December 31, 2013, 2012 and 2011, respectively, because such inclusion would be anti-dilutive.