Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share (“EPS”)

For all periods presented, the Company has disclosed basic and diluted earnings per common share for continuing operations and discontinued operations utilizing the two-class method. Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. In accordance with the terms of the Company's certificate of incorporation, the Company allocates undistributed net income (loss) from continuing operations after any allocations for preferred stock dividends between each class of common stock on an equal basis.

Non-vested restricted shares of Class A common stock and the Company Warrants, and the CMP Restated Warrants prior to their expiration, were considered participating securities for purposes of calculating basic weighted average common shares outstanding in periods in which the Company records net income. Diluted earnings per share is computed in the same manner as basic earnings per share after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes stock options and certain warrants to purchase common stock. Antidilutive instruments are not considered in this calculation. Under the two-class method, net income is allocated to common stock and participating securities to the extent that each security may share in earnings, as if all of the earnings for the period had been distributed. Earnings are allocated to each participating security and common share equally, after deducting dividends declared or accreted on preferred stock.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011 (amounts in thousands, except per share data):

	2013		2012			2011
Basic Earnings Per Share
Numerator:
Undistributed net income (loss) from continuing operations	$	43,613	$	(111,932	)	$	(18,343	)
Less:
Dividends declared on redeemable preferred stock	9,395		13,778			3,646
Accretion of redeemable preferred stock	2,474		7,117			3,315
Participation rights of the Company Warrants in undistributed earnings	4,712		—			—
Participation rights of unvested restricted stock in undistributed earnings	63		—			—
Basic undistributed net income (loss) from continuing operations — attributable to common shares	$	26,969	$	(132,827	)	$	(25,304	)
Denominator:
Basic weighted average common shares outstanding	183,643		162,604			70,890
Basic income (loss) from continuing operations per share — attributable to common shares	$	0.15	$	(0.82	)	$	(0.36	)
Diluted Earnings Per Share
Numerator:
Undistributed net income (loss) from continuing operations	$	43,613	$	(111,932	)	$	(18,343	)
Less:
Dividends declared on redeemable preferred stock	9,395		13,778			3,646
Accretion of redeemable preferred stock	2,474		7,117			3,315
Participation rights of the Company Warrants in undistributed net income	4,584		—			—
Participation rights of unvested restricted stock in undistributed earnings	63		—			—
Basic undistributed net income (loss) from continuing operations — attributable to common shares	$	27,097	$	(132,827	)	$	(25,304	)
Denominator:
Basic weighted average shares outstanding	183,643		162,604			70,890
Effect of dilutive options and warrants	3,202		—			—
Diluted weighted average shares outstanding	186,845		162,604			70,890
Diluted income (loss) from continuing operations per share — attributable to common shares	$	0.15	$	(0.82	)	$	(0.36	)