EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

NOTE I – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended
	March 31
	2017		2016
	(in thousands, except share and per share data)
Basic
Numerator:
Net loss	$	(7,407)	$	(6,103)
Effect of unvested restricted stock awards		(17)		(18)
Adjusted net loss	$	(7,424)	$	(6,121)
Denominator:
Weighted-average shares		25,684,475		25,822,522
Loss per common share	$	(0.29)	$	(0.24)

Diluted
Numerator:
Net loss	$	(7,407)	$	(6,103)
Effect of unvested restricted stock awards		(17)		(18)
Adjusted net loss	$	(7,424)	$	(6,121)
Denominator:
Weighted-average shares		25,684,475		25,822,522
Effect of dilutive securities		—		—
Adjusted weighted-average shares and assumed conversions		25,684,475		25,822,522
Loss per common share	$	(0.29)	$	(0.24)

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. Beginning with 2015 grants, the RSU agreements were modified to remove dividend rights; therefore, the RSUs granted subsequent to 2015 are not participating securities. Outstanding stock awards of 0.8 million and 0.9 million for the three months ended March 31, 2017 and 2016, respectively, were not included in the diluted earnings per share calculation because their inclusion would have the effect of decreasing the loss per share.