Earnings Per Share

6 Months Ended

Jun. 30, 2014

11) Earnings Per Share

Basic net income per common share is calculated by dividing net income available to common stockholders by the basic weighted-average common shares outstanding for the relevant period. The Company’s earnings per share calculations reflect the impact of any repurchases of shares of common stock made by the Company. Diluted net income per common share is calculated by dividing adjusted net income by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options (which were assumed to have been exercised at the average market price of the common shares during the reporting period). The treasury stock method is used to measure the dilutive impact of in-the-money stock options.

The following table sets forth the calculations of basic and diluted earnings per share (in thousands except share amounts and per share data):


	(In thousands except share amounts, and per share data)

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Net income (loss)	$	56	$	573	$	306	$	(5,325	)

Basic weighted-average common shares outstanding		27,785,280		27,682,272		27,761,837		27,674,729
Add: dilutive effect of stock options		452,603		--		433,279		--
Diluted weighted-average common shares outstanding		28,237,883		27,682,272		28,195,116		27,674,729

The following options, which could be potentially dilutive in future periods, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive for the periods indicated:


	Three months ended June 30,		Six months ended June 30,
	2014	2013	2014	2013
Weighted-average anti-dilutive stock options	1,055,000	2,408,403	1,055,000	2,408,840

- Definition

The entire disclosure for earnings per share.

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