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Basic and Diluted Earnings Per Share
 9 Months Ended
Sep. 30, 2015
Basic and Diluted Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share

12. BASIC AND DILUTED EARNINGS PER SHARE

 

Basic and diluted earnings per common share are calculated based on the weighted average number of shares outstanding during the period. The Company’s employee and director stock option awards, as well as incremental shares issuable upon exercise of warrants, are not considered in the calculations if the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2015

 

2014

 

2015

 

2014

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings

$
(3,551)

 

$
1,782 

 

$
(4,593)

 

$
2,674 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 
7,468 

 

 
7,172 

 

 
7,427 

 

 
7,172 

Effect of dilutive securities - equity based compensation plans

 

 -

 

 
47 

 

 

 -

 

 
55 

Net dilutive effect of warrants outstanding

 

 -

 

 
7 

 

 

 -

 

 
11 

Denominator for diluted earnings per common share

 
7,468 

 

 
7,226 

 

 
7,427 

 

 
7,238 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$
(0.48)

 

$
0.25 

 

$
(0.62)

 

$
0.37 

Diluted

$
(0.48)

 

$
0.25 

 

$
(0.62)

 

$
0.37 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive securities (excluded from per share calculation):

 

 

 

 

 

 

 

 

 

 

 

Equity based compensation plans

 
349 

 

 
238 

 

 
349 

 

 
223 

Warrants

 
51 

 

 
240 

 

 
51 

 

 
240