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Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2017

2. Earnings (Loss) Per Share

Earnings (loss) per common share is computed based on the weighted-average number of common shares outstanding and, when appropriate, dilutive potential common stock outstanding during the period. Stock options are considered to be potential common stock. The computation of diluted earnings (loss) per share does not assume exercise or conversion of securities that would have an anti-dilutive effect.

Basic earnings (loss) per common share is the amount of net earnings (loss) for the period available to each weighted-average share of common stock outstanding during the reporting period. Diluted earnings (loss) per common share is the amount of earnings (loss) for the period available to each weighted-average share of common stock outstanding during the reporting period and to each share of potential common stock outstanding during the period, unless inclusion of potential common stock would have an anti-dilutive effect.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:

	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017			2016
Numerator:
Net income (loss)	$	(9,276	)	$	1,209	$	(10,564	)	$	3,532
Denominator:
Basic weighted average shares outstanding		8,520,041			8,921,480		8,641,173			9,076,305
Dilutive common stock equivalents using treasury stock method		—			242,686		—			376,312
Diluted weighted average shares outstanding		8,520,041			9,164,165		8,641,173			9,452,616

Basic earnings (loss) per common share	$	(1.09	)	$	0.14	$	(1.22	)	$	0.39
Diluted earnings (loss) per common share	$	(1.09	)	$	0.13	$	(1.22	)	$	0.37

Weighted average options outstanding		782,012			832,766		832,953			900,687
Anti-dilutive options not included in the computations		782,012			312,372		832,953			312,477