| Summary of Basic and Diluted Net Income (Loss) Per Common Share |
The Company calculates basic and diluted earnings per share as follows:
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Numerator |
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Net income |
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71,134,002 |
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71,134,002 |
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50,157,772 |
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50,157,772 |
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49,978,247 |
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49,978,247 |
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Less: Cumulative dividends on preferred shares |
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(2,130,254 |
) |
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(1,740,983 |
) |
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(1,740,983 |
) |
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(1,740,983 |
) |
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(1,740,983 |
) |
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(1,740,983 |
) |
Less: Deemed divided from conversion of the Series C Preferred Shares (Note 9) |
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(6,507,789 |
) |
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— |
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— |
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— |
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— |
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— |
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Less: Undistributed earnings allocated to non-vested shares |
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(2,508,399 |
) |
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(2,276,360 |
) |
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(2,311,172 |
) |
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(2,105,141 |
) |
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(1,675,770 |
) |
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(1,598,389 |
) |
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Net income attributable to common shareholders |
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59,987,560 |
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67,116,659 |
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46,105,617 |
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46,311,648 |
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46,561,494 |
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46,638,875 |
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Denominator |
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Weighted average number of shares outstanding, basic |
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18,601,539 |
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18,601,539 |
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29,933,920 |
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29,933,920 |
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34,499,909 |
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34,499,909 |
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Options to purchase common shares (Note 10) |
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— |
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97,318 |
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— |
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323,283 |
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— |
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252,695 |
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Warrants (Note 8) |
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— |
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— |
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— |
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2,753,216 |
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— |
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1,477,617 |
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Series C Preferred Shares (Note 9) |
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— |
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4,234,814 |
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— |
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— |
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— |
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— |
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Effect of dilutive shares |
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— |
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4,332,132 |
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— |
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3,076,499 |
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— |
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1,730,312 |
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Weighted average number of shares outstanding, diluted |
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— |
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22,933,671 |
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— |
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33,010,419 |
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— |
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36,230,221 |
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Earnings per share |
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3.22 |
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2.93 |
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1.54 |
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1.40 |
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1.35 |
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1.29 |
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