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Earnings Per Common Share (EPS)
 3 Months Ended
Mar. 31, 2014
Earnings Per Common Share (EPS)  
Earnings Per Common Share (EPS)

4.                                      Earnings Per Common Share (EPS)

 

Basic EPS is calculated using net income (loss) divided by the weighted average of common shares outstanding.  Diluted EPS is similar to Basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares, such as those shares subject to options, had been issued.

 

Shares used in the calculation of diluted EPS are summarized below:

 

 

 

Three Months Ended

 

 

 

Mar 31, 2014

 

Mar 31, 2013

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

2,012,765

 

2,000,555

 

Dilutive effect of stock options

 

3,227

 

—

 

Weighted average common and common equivalent shares outstanding

 

2,015,992

 

2,000,555

 

 

If the Company was in a net income position in the first quarter of 2013, 14,252 options with a weighted average exercise price of $7.19 would have been included as part of the weighted average common and common equivalent shares outstanding as the options would have been dilutive.   There were no anti-dilutive options for the three months ended March 31, 2014.