Earnings Per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

The following tables set forth the computations of basic and diluted earnings (loss) per common share for the three months ended March 31, 2014 and 2013 (in thousands, except per share data):

	Three Months Ended March 31,
Basic earnings (loss) per common share:	2014			2013
Numerator:
Net loss	$	(3,674	)	$	(497	)
Denominator:
Weighted-average common shares outstanding	30,159			28,770
Basic earnings (loss) per common share	$	(0.12	)	$	(0.02	)

	Three Months Ended March 31,
Diluted earnings (loss) per common share:	2014			2013
Numerator:
Net loss	$	(3,674	)	$	(497	)
Denominator:
Weighted-average common shares outstanding	30,159			28,770
Incremental shares from stock-based compensation plans	—			—
Denominator for diluted earnings (loss) per common share	30,159			28,770
Diluted earnings (loss) per common share	$	(0.12	)	$	(0.02	)

Weighted-average shares outstanding excludes antidilutive shares underlying options that totaled 2.4 million shares and antidilutive Performance Units issuable under the Company's 2006 Management Incentive Plan that totaled less than 0.1 million shares from the computation of diluted earnings (loss) per common share for the three months ended March 31, 2014. Weighted-average shares outstanding excludes antidilutive shares underlying options that totaled 2.9 million shares and anti-dilutive Performance Units related to the Company's 2006 Management Incentive Plan that totaled 0.1 million from the computation of diluted earnings (loss) per common share for the three months ended March 31, 2013. As a result of the net loss for the three months ended March 31, 2014 and March 31, 2013, all shares underlying stock options and Performance Units were considered antidilutive. The number of common shares we used in the basic and diluted earnings (loss) per common share computations include nonvested restricted shares of 0.7 million and 0.8 million for the three months ended March 31, 2014 and 2013, respectively, and nonvested restricted share units that we consider to be participating securities of 0.2 million for both the three months ended March 31, 2014 and 2013.

On December 11, 2012, we closed a public offering of 6,249,234 shares of our common stock, which consisted of 2,500,000 shares sold by us and 3,749,234 shares sold by certain selling shareholders, at a price to the public of $6.39 per share. The net proceeds to us from the public offering, after deducting underwriting discounts and commissions and offering expenses, were $14.7 million. We did not receive any proceeds from the sale of shares by the selling shareholders. In addition, the underwriters elected to exercise an overallotment option for an additional 687,385 shares, and completed the additional sale on January 8, 2013. The net proceeds to us from the overallotment, after deducting underwriting discounts and commission and offering expenses, were $4.1 million.

In partial satisfaction of a business acquisition obligation, we issued 187,620 shares of our common stock having a value of $1.3 million in the three months ended March 31, 2014 and 217,155 shares of our common stock having a value of $1.4 million in the three months ended March 31, 2013.