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Net (Loss) Income Per Common Share
 12 Months Ended
Dec. 31, 2013
Net (Loss) Income Per Common Share [Abstract]  
Net (Loss) Income Per Common Share

Note 9: Net (Loss) Income Per Common Share

The computation of basic and diluted net (loss) income per common share for the years ended December 31, 2013, 2012 and 2011 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

2013

 

2012

 

2011

(dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$
(4,062)

 

$
14,617 

 

$
18,122 

Adjustment for interest expense on convertible notes, net of capitalized interest

 

 

 -

 

 
458 

 

 
119 

 

 

 

 

 

 

 

 

 

 

Net (loss) income, as adjusted

 

$
(4,062)

 

$
15,075 

 

$
18,241 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

 
6,950,976 

 

 
6,874,669 

 

 
6,826,490 

Weighted average effect of dilutive stock options and other stock compensation

 

 

 -

 

 
151,223 

 

 
153,397 

Weighted average effect of assumed conversion of convertible notes (A)

 

 

 -

 

 
428,138 

 

 
158,937 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding, as adjusted 

 

 
6,950,976 

 

 
7,454,030 

 

 
7,138,824 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share - Basic

 

$
(0.58)

 

$
2.13 

 

$
2.65 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share - Diluted

 

$
(0.58)

 

$
2.02 

 

$
2.56 

 

 

(A)

The weighted average for the assumed conversion of the Notes was calculated from the August 18, 2011 issuance.

We have granted options to purchase 353,550 29,150 and 144,300 shares of common stock, at an average price of $36.36, $41.18 and $38.35 during the years ended December 31, 2013, 2012 and 2011, respectively.  These outstanding options were not included in the computation of diluted net (loss) income per common share because their respective exercise prices were greater than the average market price of our common stock.  These options were excluded from the computation of diluted net (loss) income per common share under the treasury stock method.  In addition, the calculation of diluted earnings per share for the year ended December 31, 2013 would have included 118,814 shares, for the assumed exercise of options and restricted stock under our share incentive plans and 428,140 shares, for the assumed conversion of convertible notes, except that we were in a net loss position and no anti-dilution is permitted.