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Income (loss) per Common Share (Tables)
3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Income (Loss) Per Common Share

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2016

 

 

2015

 

 

 

(Dollars In Thousands, Except Per

Share Amounts)

 

Numerator:

 

 

 

 

 

 

 

 

Net (loss) income:

 

$

(14,941

)

 

$

6,649

 

Dividend requirements on Series E Redeemable

   Preferred

 

 

(7,350

)

 

 

 

Dividend and dividend requirements on Series B

   Preferred

 

 

(60

)

 

 

(240

)

Dividend and dividend requirements on Series D

   Preferred

 

 

(15

)

 

 

(60

)

Accretion of Series E Redeemable Preferred

 

 

(2,243

)

 

 

 

Total dividends, dividend requirements and

   accretion on preferred stocks

 

 

(9,668

)

 

 

(300

)

 

 

 

 

 

 

 

 

 

Numerator for basic net income (loss) per common

   share - net income (loss) attributable to common

   stockholders

 

 

(24,609

)

 

 

6,349

 

Dividends on convertible preferred stocks assumed

   to be converted, if dilutive

 

 

 

 

 

60

 

Numerator for diluted net income (loss) per common

   share

 

$

(24,609

)

 

$

6,409

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic net income (loss) per common

   share - weighted- average shares (1)

 

 

22,868,307

 

 

 

22,674,739

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Convertible preferred stocks

 

 

 

 

 

250,000

 

Stock options

 

 

 

 

 

121,763

 

Dilutive potential common shares

 

 

 

 

 

371,763

 

 

 

 

 

 

 

 

 

 

Denominator for dilutive net income (loss) per common

   share - adjusted weighted-average shares and assumed

   conversions

 

 

22,868,307

 

 

 

23,046,502

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income (loss) per common share

 

$

(1.08

)

 

$

0.28

 

 

(1)

Excludes the weighted-average shares of unvested restricted stock that are contingently returnable during the first quarter of 2016.

Antidilutive Securities Excluded from Computation of Earnings Per Share

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:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2016

 

 

2015

 

Convertible preferred stocks

 

 

916,666

 

 

 

666,666

 

Stock options

 

 

559,167

 

 

 

700,388

 

Warrants

 

 

4,103,746

 

 

 

 

Restricted stock

 

 

833,642

 

 

 

 

Series E Redeemable Preferred - embedded derivative

 

 

456,225

 

 

 

 

 

 

 

6,869,446

 

 

 

1,367,054