XML 23 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net (Loss) Income Per Common Share
 3 Months Ended
Mar. 31, 2014
Net (Loss) Income Per Common Share [Abstract]  
Net (Loss) Income Per Common Share

Note 2:  Net (Loss) Income per Common Share

The following table sets forth the computation of basic and diluted net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

 

 

 

(dollars in thousands, except per share amounts)

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$
(499)

 

$
40 

 

Adjustment for interest expense on convertible notes (A)

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

Net (loss) income, as adjusted

 

$
(499)

 

$
40 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

 
7,014,836 

 

 
6,924,131 

 

Weighted average effect of dilutive stock options and other stock compensation

 

 

 -

 

 
139,572 

 

Weighted average effect of assumed conversion of convertible notes

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

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

 

 
7,014,836 

 

 
7,063,703 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share - Basic

 

$
(0.07)

 

$
0.01 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share - Diluted

 

$
(0.07)

 

$
0.01 

 

(A)

An adjustment for interest expense on convertible notes was excluded from the net (loss) income per share calculation for the three months ended March 31, 2014 and 2013, as a result of the convertible notes being antidilutive.    

We had granted options to purchase 249,800 and 143,925 shares of common stock at an average price of $37.04 and $38.72, respectively, for the three months ended March 31, 2014 and 2013, respectively, which were excluded in the computation of diluted net (loss) income per common share. 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.  In addition, the calculation of diluted earnings per share for the three months ended March 31, 2014 excluded 93,752 shares for the assumed exercise of stock options and restricted stock under our share incentive plans and 427,459 shares for the assumed conversion of convertible notes, and the calculation for the three months ended March 31, 2013 excluded 427,459 shares for the assumed conversion of convertible notes, as a result of being anti-dilutive.