| Income (loss) per Common Share |
2. Income (loss) per Common Share
The following table sets forth the computation of basic and diluted net income (loss) per common share:
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
|
|
(Dollars In Thousands, Except Per Share Amounts) |
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income: |
|
$ |
(34,765 |
) |
|
$ |
19,634 |
|
|
$ |
54,962 |
|
|
Dividend requirements on Series E Redeemable
Preferred |
|
|
(2,287 |
) |
|
|
— |
|
|
|
— |
|
|
Dividends on Series B Preferred |
|
|
(240 |
) |
|
|
(240 |
) |
|
|
(240 |
) |
|
Dividends on Series D Preferred |
|
|
(60 |
) |
|
|
(60 |
) |
|
|
(60 |
) |
|
Accretion of Series E Redeemable Preferred |
|
|
(686 |
) |
|
|
— |
|
|
|
— |
|
|
Total dividends, dividend requirements and
accretion on preferred stocks |
|
|
(3,273 |
) |
|
|
(300 |
) |
|
|
(300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for basic net income (loss) per common
share - net income (loss) attributable to common
stockholders |
|
|
(38,038 |
) |
|
|
19,334 |
|
|
|
54,662 |
|
|
Dividends on convertible preferred stocks assumed
to be converted, if dilutive |
|
|
300 |
|
|
|
300 |
|
|
|
300 |
|
|
Numerator for diluted net income (loss) per common
share |
|
$ |
(37,738 |
) |
|
$ |
19,634 |
|
|
$ |
54,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income (loss) per common
share - weighted- average shares |
|
|
22,758,873 |
|
|
|
22,575,053 |
|
|
|
22,465,176 |
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred stocks |
|
|
— |
|
|
|
916,666 |
|
|
|
916,666 |
|
|
Unvested restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock options |
|
|
— |
|
|
|
175,751 |
|
|
|
215,124 |
|
|
Dilutive potential common shares |
|
|
— |
|
|
|
1,092,417 |
|
|
|
1,131,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for dilutive net income (loss) per common
share - adjusted weighted-average shares and assumed
conversions |
|
|
22,758,873 |
|
|
|
23,667,470 |
|
|
|
23,596,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share |
|
$ |
(1.67 |
) |
|
$ |
0.86 |
|
|
$ |
2.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share |
|
$ |
(1.67 |
) |
|
$ |
0.83 |
|
|
$ |
2.33 |
|
The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive:
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Convertible preferred stocks |
|
|
916,666 |
|
|
|
— |
|
|
|
— |
|
|
Stock options |
|
|
898,582 |
|
|
|
392,314 |
|
|
|
246,391 |
|
|
Warrants |
|
|
314,808 |
|
|
|
— |
|
|
|
— |
|
|
Series E redeemable preferred stock - embedded derivative |
|
|
34,998 |
|
|
|
— |
|
|
|
— |
|
|
Restricted stock |
|
|
1,448 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
2,166,502 |
|
|
|
392,314 |
|
|
|
246,391 |
|
|