Computation of Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2016

Computation of Earnings (Loss) Per Share

NOTE E – COMPUTATION OF EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share were computed by dividing Net income (loss) by the weighted-average number of common shares outstanding for each respective period. Diluted earnings (loss) per share were calculated by dividing Net income (loss) by the weighted-average of all potentially dilutive common stock that was outstanding during the periods presented.

The calculation of basic and diluted earnings (loss) per share for the three months ended March 31, 2016 and 2015 was as follows:


	Three Months Ended March 31
	2016		2015

Numerator
Net income (loss)	$	2,658	$	(256	)


Denominator
Determination of shares
Weighted-average common shares outstanding		5,211		5,396
Dilutive effect - share-based awards		18		0

Diluted weighted-average common shares outstanding		5,229		5,396


Earnings (loss) per common share
Basic	$	0.51	$	(0.05	)


Diluted	$	0.51	$	(0.05	)

For the three months ended March 31, 2016, 61,800 stock options were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the three months ended March 31, 2015, 59,750 stock options were excluded from the calculation of diluted loss per share as the effect would have been anti-dilutive.

For the three months ended March 31, 2016, there were no restricted share units excluded from the calculation of diluted earnings per share. For the three months ended March 31, 2015, 12,775 restricted share units were excluded from the calculation of diluted loss per share as the effect of the settlement in common shares would have been anti-dilutive.