Earnings (Loss) Per Share (“EPS”)

Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are

not

considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, and RSUs using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted earnings (loss) per share (in thousands):

	Three Months Ended March 31,
	2018		2017
Shares used in the calculation of basic earnings (loss) per share		14,679		14,576
Effect of dilutive securities:
Stock options, SARs, RSAs and RSUs		-		467
Diluted shares used in the calculation of earnings (loss) per share		14,679		15,043

For the

three

months ended

March

31,

2018,

the net loss available to common shareholders is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. The assumed exercise of stock options at

March 31, 2018

would have been anti-dilutive.

Stock options to purchase

1.0

million shares and

0.6

million shares for the

three

-month periods ended

March 31, 2018

and

2017,

were excluded from the computation of diluted EPS as their effect would have been anti-dilutive.