EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

6. EARNINGS PER SHARE

Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued. Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted EPS as their impact would be anti-dilutive. Diluted EPS is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2020 and 2019:

(in thousands, except share data)	Three Months Ended March 31,
		2020 (1)		2019 Restated
Numerator:
Net income (loss)	$	(1,738	)	$	1,520

Denominator:
Basic weighted-average common shares outstanding		9,029,212			9,009,752
Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan		-			1,355
Diluted weighted-average common shares outstanding		9,029,212			9,011,107

(1)	For the three months ended March 31, 2020, there were 492 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.