Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

2. Earnings per Common Share

Basic earnings per share is computed by dividing net income (loss) from continuing operations by the number of shares of common stock outstanding for the three months ended March 31, 2105 and 2014.

Diluted earnings per share is computed by dividing net income (loss) from continuing operations less dividends on redeemable convertible preferred stock, by the sum of (1) the weighted-average number of shares of common stock outstanding during the period, (2) the dilutive effect of the assumed exercise of convertible instruments and (3) the dilutive effect of the exercise of stock options and other stock units to our common stock.

When convertible preferred stocks are assumed converted then dividends are added back to the earnings in the calculation of diluted earnings per share.

The following tables set forth the computation of basic and diluted common shares.

Continuing Operations
	Three Months Ended
	March 31,
	2015		2014
Weighted average basic shares		8,206,684		8,053,497
Dilutive effect of preferred stock, warrants, stock options and restricted stock units**		235,098		1,571,761
Total weighted average diluted shares		8,441,782		9,625,258

With Discontinued Operations
	Three Months Ended
	March 31,
	2015		2014
Weighted average basic shares		8,206,684		8,053,497
Dilutive effect of preferred stock, warrants, stock options and restricted stock units**	235,098			571,761
Total weighted average diluted shares		8,441,782		8,625,258

** When preferred shares are assumed converted, their dividends are added back to net income.

- Definition

The entire disclosure for earnings per share.

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