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Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2019

13. EARNINGS (LOSS) PER SHARE

Basic net loss per common share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net loss per common share is calculated by dividing adjusted net loss by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and warrants, which are measured using the treasury stock method, the conversion feature of the Series A Preferred Stock, and unvested shares of restricted common stock. When the Company recognizes a net loss attributable to common shareholders, as was the case for the three-month periods ended March 31, 2019 and 2018, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share.

The following table sets forth the calculation of basic and diluted net loss per share.

	Three Months Ended March 31,
	2019			2018
	(in thousands except per share data)
Net income (loss)	$	15		$	(322	)
Accrued dividend on Series A Preferred Stock		(87	)		(77	)
Net loss applicable to common shareholders	$	(72	)	$	(399	)

Basic weighted average common shares outstanding		13,405			12,149
Dilutive effect of potentially dilutive securities		-			-
Diluted weighted-average common shares outstanding		13,405			12,149

Basic net loss per share	$	(0.01	)	$	(0.03	)
Diluted net loss per share	$	(0.01	)	$	(0.03	)

The following table presents the weighted-average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect:

	Three Months Ended March 31,
	2019		2018
	(in thousands)
Stock options		320		390
Warrants		1,000		1,000
Series A preferred stock		793		793
Total		2,113		2,183