36. Loss Per Share Data

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• Represents the number of shares used to compute the basic and diluted loss per share, as the options and the convertible preferred stock options have an antidilutive effect.
• Net losses per common share represent both the basic and diluted loss per common share.
• Per share amounts, and weighted average number of shares outstanding for December 31, 2012 and 2011 periods were adjusted to reflect the Company's 1-for-20 reserve stock split effective on June 28, 2013.

Common shares consist of common stock issuable under the assumed exercise of stock options and unvested shares of restricted stock using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from exercise in addition to the amount of compensation cost attributed to future services are used to purchase common stock at the exercise date. The difference between the number of potential shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Stock options and unvested shares of restricted stock that result in lower potential shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect in earnings per share. As of December 31, 2013, there were 2,000 stock options and 52,477 shares of restricted stock outstanding.

On June 27, 2013, the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended (the “Amendment”), with the Secretary of State of the Commonwealth of Puerto Rico to effect a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company's issued and outstanding common stock. The Reverse Stock Split was approved by the Company's stockholders at the Company's Annual Meeting of Stockholders held on June 19, 2013 with a reverse stock split ratio of between 1-for-15 and 1-for-25 to be determined by the Company's Board of Directors. The Board of Directors determined a ratio of 1-for-20 for the Reverse Stock Split ratio on June 24, 2013. The Amendment became effective at 4:00pm Eastern Time on June 28, 2013. Upon the effective date of the Reverse Stock Split, every twenty (20) shares of issued and outstanding common stock were automatically combined into one (1) issued and outstanding share of common stock without any change to the par value per share. As a result of the Reverse Stock Split, the number of issued and outstanding shares of the Company's common stock was reduced from 130,601,272 shares to 6,530,064 shares, and the authorized shares of common stock were reduced from 300,000,000 to 15,000,000.  As of December 31, 2013, the number of shares of the Company's common stock outstanding was 6,648,396. The Reverse Stock Split had no effect on the Company's authorized shares of preferred stock, which remains at 40 million authorized shares. However, the Reverse Stock Split did have an effect on the preferred stock conversion factor. Stock options and shares of restricted stock outstanding also reflect the Reverse Stock Split effect.

The number of shares of common stock into which the company's 4.75% perpetual cumulative convertible preferred stock is convertible was proportionally reduced by the 1-for-20 reverse stock split. Proportional adjustments were also made to the Company's stock incentive plans. The Company has retroactively restated all periods presented in these audited consolidated financial statements to conform to the current period's presentation.

On March 20, 2009, the Board of Directors of Doral Financial announced that it had suspended the declaration and payment of all dividends on all of Doral Financial's outstanding series of cumulative and non-cumulative preferred stock. The suspension of dividends was effective and commenced with the dividends for the month of April 2009 for Doral Financial's three outstanding series of non-cumulative preferred stock, and the dividends for the second quarter of 2009 for Doral Financial's one outstanding series of cumulative preferred stock.

For the years ended December 31, 2013 and 2012, there were 813,526 shares of the Company's 4.75% perpetual cumulative convertible preferred stock that were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. Prior to the Reverse Stock Split, each share of the Company's 4.75% Perpetual Cumulative Convertible Preferred Stock was convertible into 0.31428 shares of Common Stock. Pursuant to the Reverse Stock Split, the Conversion Rate of the 4.75% preferred stock was proportionately reduced to 0.015714. The option of the purchasers to convert the convertible preferred stock into shares of the Company's common stock is exercisable only: (a) if during any fiscal quarter after September 30, 2003, the closing sale price of the Company's common stock for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading date of the preceding fiscal quarter exceeds 120% of the conversion price of the convertible preferred stock (currently 120% of $15,909.40, or $19,091.28); (b) upon the occurrence of certain corporate transactions, or (c) upon the delisting of the Company's common stock. On or after September 30, 2008, the Company may, at its option, cause the convertible preferred stock to be converted into the number of shares of common stock that are issuable at the conversion price. The Company may only exercise its conversion right if the closing sale price of the Company's common stock exceeds 130% of the conversion price of the convertible preferred stock (currently 130% of $15,909.40, or $20,682.22) in effect for 20 trading days within any period of 30 consecutive trading days ending on a trading day not more than two trading days prior to the date the Company gives notice of conversion.