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Earnings per share
12 Months Ended
Dec. 31, 2013
Earnings per share  
Earnings Per Share

8. Earnings per share

        Basic earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period.

        The Prior Series Preferred outstanding in 2011 and 2012 (through the date of the recapitalization) as well as the Series One, Series Two and Series Three outstanding during 2012 (subsequent to the recapitalization) participated in earnings of the Company through dividend rights. Accordingly, the Company measured earnings per share based upon the two-class method. Net income attributable to common stockholders excludes $132.6 million and $30.9 million for the years ended 2012 and 2011, respectively, for net income attributable to participating securities.

        The diluted earnings per share for the years ended December 31, 2012 and 2011 exclude the impact of approximately 0.6 million and 1.3 million common stock equivalents, respectively, since the effect of including these securities would be anti-dilutive.

        The following table sets forth the computation of basic and diluted earnings per share for common stockholders:

Net (loss) income per share

 
  Year ended December 31  
 
  2013   2012   2011  

Numerator

                   

Net (loss) income

  $ (51,573,575 ) $ (26,235,102 ) $ 30,904,514  

Deemed dividend

    (18,248,768 )        

Gain on exchange of convertible preferred stock in connection with recapitalization

    3,390,750     159,954,069      

Less beneficial conversion charge

        (377,787 )    

Less net income attributable to participating preferred stock

        (132,609,918 )   (30,878,445 )
               

Net (loss) income attributable to common stockholders

  $ (66,431,593 ) $ 731,262   $ 26,069  
               
               

Denominator

                   

Denominator for basic earnings per share

    12,829,411     3,328     1,089  

Effect of dilutive securities:

                   

Employee stock options

            4,640  

Series 3 convertible preferred stock

        13,877      
               

Denominator for diluted earnings per share

    12,829,411     17,205     5,729  
               
               

Net (loss) income per share:

                   

Basic

    (5.18 )   219.76     23.95  
               
               

Diluted

    (5.18 )   42.50     4.55