XML 246 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 9 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Earnings Per Share [Abstract]    
Earnings Per Share

14. Earnings Per Share

We use the two-class method of calculating earnings per share (“EPS”) as our non-vested restricted stock awards have non-forfeitable rights to dividends, and accordingly represent a participating security. The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period.

For purposes of determining weighted average shares outstanding for the three and nine months ended September 30, 2013, the 5.0 million shares that were issued to our outstanding membership interests upon conversion of the Company from a Colorado limited liability company to a Delaware corporation, are reflected as outstanding at the beginning of the period presented.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except share and per share information):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

    2014     

 

    2013     

 

    2014     

 

    2013     

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
4,127 

 

$
2,438 

 

$
12,834 

 

$
9,381 

Less: Net income attributable to the noncontrolling interests

 

 

 —

 

 

 —

 

 

 —

 

 
(52)

Less: Undistributed earnings allocated to participating securities

 

 
(70)

 

 
(23)

 

 
(179)

 

 
(69)

Numerator for basic and diluted EPS

 

$
4,057 

 

$
2,415 

 

$
12,655 

 

$
9,260 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share—weighted average shares

 

 
21,113,708 

 

 
17,075,000 

 

 
18,635,986 

 

 
11,457,692 

Basic and diluted EPS

 

$
0.19 

 

$
0.14 

 

$
0.68 

 

$
0.81 

 

 

17. Earnings Per Share

We use the two-class method of calculating earnings per share (EPS) as our non-vested restricted stock awards have non-forfeitable rights to dividends, and accordingly represent a participating security.  The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period.

For purposes of determining weighted average shares outstanding, the 5.0 million shares that were issued to our outstanding membership interests upon conversion of the Company from a limited liability company to a Delaware corporation, are reflected as outstanding at the beginning of the period presented.

The following table sets forth the computation of basic and diluted earnings per share for the year ended December 31, 2013 (in thousands except share and per share information):

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31,

 

 

2013

Numerator

 

 

 

Net income

 

$
12,431 

Less: Net income attributable to the non-controlling interest

 

 
(52)

Less: Undistributed earnings allocated to participating securities

 

 
(104)

Numerator for basic and diluted EPS

 

$
12,275 

Denominator

 

 

 

Basic and diluted earnings per share—weighted average shares

 

 
12,873,562 

Basic and diluted EPS

 

$
0.95