Net (Loss) Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Calculation of Basic and Diluted (Loss) Income Per Common and Common Equivalent Share

The calculation of basic and diluted (loss) income per common and common equivalent share is as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013		2012
Basic net (loss) income per share
Net (loss) income	$	(3,154,317	)	$	388,729	$	744,204	$	7,285,932
Less: Preferred stock dividends		(6,875	)		—		20,625		—
Net (loss) income applicable to common stock	$	(3,147,442	)	$	388,729	$	723,579	$	7,285,932
Basic weighted average number of common shares outstanding		11,137,780			10,916,358		10,994,382		10,913,844
Basic net (loss) income per share	$	(0.28	)	$	0.04	$	0.07	$	0.67
Diluted net (loss) income per share
Net (loss) income applicable to common stock	$	(3,147,442	)	$	388,729	$	723,579	$	7,285,932
Add: Preferred stock dividends		(6,875	)		—		20,625		—
Less: Fair value of stock warrants for dilutive warrants		—			—		—		(5,399,569	)
Net (loss) income applicable to dilutive common stock	$	(3,154,317	)	$	388,729	$	744,204	$	1,886,363
Basic weighted average number of common shares outstanding		11,137,780			10,916,358		10,994,382		10,913,844
Effect of dilutive securities
Dilutive stock awards		—			9,045		11,443		127
Dilutive preferred share conversions		—			142,450		142,450		142,450
		—			151,495		153,893		142,577
Diluted weighted average number of common shares outstanding		11,137,780			11,067,853		11,148,275		11,056,421
Diluted net (loss) income per share	$	(0.28	)	$	0.04	$	0.07	$	0.17