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EARNINGS PER SHARE AND STOCK REPURCHASE PLAN | 12 Months Ended
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Dec. 31, 2016
Earnings Per Share [Abstract] |
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN | EARNINGS PER SHARE AND STOCK REPURCHASE PLAN The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
| 2016 |  | 2015 |  | 2014
Numerator: |  |  |  |  |
Net income (loss) | $ | 3,515 |  |  | $ | (25,364 | ) |  | $ | 15,320 |
Less: distributed loss / distributed and undistributed income (unvested restricted stock) | 30 |  |  | 84 |  |  | 104 |
Net income (loss) attributable to common shareholders | $ | 3,485 |  |  | $ | (25,448 | ) |  | $ | 15,216 |
Denominator (basic and fully diluted): |  |  |  |  |
Denominator for basic earnings per share-weighted-average shares | 14,631 |  |  | 14,546 |  |  | 14,505 |
Basic and fully diluted earnings (loss) per share—common shareholders | $ | 0.24 |  |  | $ | (1.75 | ) |  | $ | 1.05 |
On July 30, 2015, our Board of Directors authorized the Company to repurchase up to $10.0 million in shares of our common stock under a share repurchase program that remains in effect through July 30, 2017. Repurchases may be effected through open market purchases or in privately negotiated transactions at such times and in such amounts as management deems appropriate, depending on market conditions and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. To date, we have made no repurchases of our common stock. Due to the severity of the industry downturn, management has recommended and our Board of Directors has approved a suspension of our stock repurchase program in an effort to conserve cash.

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