Earnings per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share

Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of outstanding dilutive instruments, such as share options and warrants, if any, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of September 30, 2018 and 2017, the Company did not have any dilutive instruments outstanding.

The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three- and nine-month periods ended September 30, 2018 and 2017:



	Three-Month Period Ended September 30,				Nine-Month Period Ended September 30,
(In thousands except for share amounts)	2018		2017		2018			2017
Numerator:
Net income (loss)	$	946	$	6,340	$	(1,221	)	$	9,996
Denominator:
Basic and diluted weighted average shares outstanding	12,693,989		13,136,106		12,875,884			11,017,363
Basic and diluted earnings per share	$	0.07	$	0.48	$	(0.09	)	$	0.91