INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2015

NOTE H — INCOME (LOSS) PER COMMON SHARE

Basic income (loss) per common share has been computed by dividing net income (loss) by the weighted-average number of shares of the Company’s common stock outstanding during the relevant period. Diluted income (loss) per common share adjusts net income (loss) and basic income (loss) per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted income (loss) per common share for the three and nine month periods ended September 30, 2015 and 2014 are as follows:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2015		2014			2015		2014
	(in thousands, except per share amounts)
Net income (loss) – basic and diluted	$	5,104	$	(1,586	)	$	1,272	$	(7,717	)

Weighted-average shares outstanding – basic		13,912		13,619			13,824		13,460
Effect of dilutive securities:
Stock options and restricted stock		395		—			418		—

Weighted-average shares outstanding – diluted		14,307		13,619			14,242		13,460


Basic income (loss) per common share	$	0.37	$	(0.12	)	$	0.09	$	(0.57	)


Diluted income (loss) per common share	$	0.36	$	(0.12	)	$	0.09	$	(0.57	)

The computation of diluted income (loss) per common share for the three months ended September 30, 2015 excludes options to purchase 682,900 shares. The computation of diluted income (loss) per common share for the three months ended September 30, 2014 excludes options to purchase 2,377,519 shares. The computation of diluted income (loss) per common share for the nine months ended September 30, 2015 excludes options to purchase 1,732,076 shares. The computation of diluted income (loss) per common share for the nine months ended September 30, 2014 excludes options to purchase 2,443,481 shares. These shares were excluded due to their antidilutive effects.