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10. Earnings/(Loss) Per Common Share

6 Months Ended

Jun. 30, 2019

Basic net earnings/(loss) per common share is computed by dividing income/(loss) available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings/(loss) per common share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options as well as non-vested restricted stock awards. The computation of diluted earnings/(loss) per common share excludes those options with an exercise price in excess of the average market price of the Company’s common shares during the periods presented.

The computation of diluted earnings/(loss) per common share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the six months ended June 30, 2019 and 2018, no options were included in the computation of diluted earnings/(loss) per common share would have been anti-dilutive for the relevant periods and, as a result, the weighted average number of common shares used in the calculation of diluted earnings per common share has not been adjusted for the effect of such options.

The reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings/(loss) per common share follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2019		2018		2019		2018

Weighted average number of shares outstanding		10,771,717		10,664,806		10,764,824		10,667,385

Effect of dilutive securities, common share equivalents
Stock options		4,188		148,885		-		154,322
Restricted stock awards		9,159		6,631		-		6,313

Weighted average number of shares outstanding,
used for computing diluted earnings per share		10,785,064		10,820,322		10,764,824		10,828,020