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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
Note 2 – Earnings Per Share
 
Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share:
 
 
 
For the Three Months Ended
 
For the Nine Months Ended
 
 
 
September 30,
 
September 30,
 
(In thousands, except per share data)
 
2014
 
2013
 
2014
 
2013
 
Net income (loss)
 
$
1,262
 
$
(11,392)
 
$
3,825
 
$
(10,809)
 
Weighted average shares outstanding - Basic
 
 
12,615
 
 
8,461
 
 
10,381
 
 
8,460
 
Dilutive effect of common stock equivalents
 
 
10
 
 
-
 
 
12
 
 
-
 
Weighted average shares outstanding - Diluted
 
 
12,625
 
 
8,461
 
 
10,393
 
 
8,460
 
Earnings (loss) per common share - Basic
 
$
0.10
 
$
(1.35)
 
$
0.37
 
$
(1.28)
 
Earnings (loss) per common share - Diluted
 
$
0.10
 
$
(1.35)
 
$
0.37
 
$
(1.28)
 
 
The increase in the weighted average shares outstanding for the three and nine months ended September 30, 2014 when compared to the three and nine months ended September 30, 2013 was due to the Company’s public offer and sale of its common stock (the “stock sale”) during the second quarter of 2014. As a result of the stock sale, the Company sold 4,140,000 shares of its common stock for a price of $8.25 per share, which produced net proceeds of $31.3 million.
 
There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2014. There were 54 thousand weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2013 because the effect of including them would have been antidilutive