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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2014
Notes to Financial Statements  
NOTE 6. EARNINGS PER SHARE

We compute basic earnings per share (“basic EPS”) by dividing the net loss by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding (primarily stock options). The following table provides the computation of basic and diluted earnings per share for the three month periods ending March 31, 2014 and 2013.

 

   

Three Months Ended

March 31,

  
(in thousands, except EPS)   2014     2013  
             
Net loss attributable to common shareholders   $ (9,811 )   $ (409 )
                 
Basic weighted average shares outstanding     17,684       17,650  
Effect of potential dilutive securities     --       --  
Diluted weighted average shares outstanding     17,684       17,650  
                 
Basic EPS   $ (0.55 )   $ (0.02 )
                 
Diluted EPS   $ (0.55 )   $ (0.02 )

 

For the three months ended March 31, 2014 and 2013, options and warrants to purchase approximately 7.5 million and 900,000 shares of common stock respectively, were excluded from the computation of diluted earnings per share because their effects were anti-dilutive. For the three months ended March 31, 2014, the conversion of Series A Preferred Stock into 3,500,000 shares of common stock was excluded from the computation of diluted earnings per share because its effect is anti-dilutive.