Earnings (Loss) Per Share

For all periods presented, the Company has disclosed basic and diluted earnings (loss) per common share utilizing the two-class method. Basic earnings (loss) per common share is calculated by dividing net income (loss) 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 allocation 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 are considered participating securities for purposes of calculating basic weighted average common shares outstanding in periods in which the Company records net income. Diluted earnings (loss) per share is computed in the same manner as basic earnings (loss) per share after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes stock options and certain other warrants to purchase common stock. Antidilutive instruments are not considered in this calculation. Under the two-class method, net income (loss) is allocated to common stock and participating securities to the extent that each security may share in earnings (loss), as if all of the earnings (loss) for the period had been distributed. Earnings (loss) are allocated to each participating security and common shares equally, after deducting dividends declared or accretion on preferred stock. The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2014 and 2013 (amounts in thousands, except per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Basic Income (Loss) Per Share
Numerator:
Undistributed net income (loss) from continuing operations	$	15,137	$	15,114	$	5,868	$	(11,550	)
Less:
Dividends declared on redeemable preferred stock	—		2,652		—		5,304
Accretion of redeemable preferred stock	—		1,007		—		1,989
Participation rights of the Company Warrants in undistributed earnings	573		1,901		306		—
Participation rights of unvested restricted stock in undistributed earnings	13		19		7		—
Basic undistributed net income (loss) from continuing operations attributable to common shares	$	14,551	$	9,535	$	5,555	$	(18,843	)
Denominator:
Basic weighted average shares outstanding	224,457		176,482		220,104		175,620
Basic undistributed net income (loss) from continuing operations per share--attributable to common shares	$	0.06	$	0.05	$	0.03	$	(0.11	)
Diluted Income (Loss) Per Share:
Numerator:
Undistributed net income (loss) from continuing operations	$	15,137	$	15,114	$	5,868	$	(11,550	)
Less:
Dividends declared on redeemable preferred stock	—		2,652		—		5,304
Accretion of redeemable preferred stock	—		1,007		—		1,989
Participation rights of the Company Warrants in undistributed net earnings	562		1,874		298		—
Participation rights of unvested restricted stock in undistributed earnings	13		19		7		—
Basic undistributed net income (loss) from continuing operations attributable to common shares	$	14,562	$	9,562	$	5,563	$	(18,843	)
Denominator:
Basic weighted average shares outstanding	224,457		176,482		220,104		175,620
Effect of dilutive stock options and warrants	4,612		3,072		6,076		—
Diluted weighted average shares outstanding	229,069		179,554		226,180		175,620
Diluted undistributed net income (loss) from continuing operations attributable to common shares	$	0.06	$	0.05	$	0.02	$	(0.11	)