EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

NOTE 11: EARNINGS PER SHARE

Basic earnings per common share is computed on the basis of weighted-average outstanding shares of common stock. Diluted earnings per common share is computed on the basis of basic weighted-average outstanding common shares adjusted for the dilutive effect, if any, of dilutive securities which included outstanding stock options and nonvested restricted stock awards.

On June 11, 2014, our shareholders approved an amendment and restatement of the 2004 Incentive Plan (defined in Note 12 to the Consolidated Financial Statements), effective January 1, 2014. One of the amendments included in the 2004 Incentive Plan is to specify that dividends are no longer payable on nonvested share awards during the vesting period. Such dividends declared during the vesting period will be accrued and are payable only if and when the nonvested share awards vest. As a result of this amendment, nonvested share awards issued by us are no longer considered to be participating securities because they do not have non-forfeitable rights to dividends. Accordingly, for the years ended December 31, 2015 and 2014 basic and diluted net income per share are calculated using the treasury stock method which does not require the allocation of net income to nonvested shares. For the year ended December 31, 2013, in determining diluted earnings per share, we use the more dilutive earnings per share result between two-class method calculation and the treasury stock method calculation applied to our nonvested share awards.

The following table summarizes basic and diluted earnings per share or the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts).

	For the Year Ended
	2015			2014			2013
Net income (loss)	$	(11,938	)	$	(1,337	)	$	11,110
Less: amounts allocated to nonvested shares		—			—			(113	)

Income available to common stockholders	$	(11,938	)	$	(1,337	)	$	10,997


Weighted-average common shares outstanding:
Basic common shares		36,584			35,512			35,434
Effect of dilutive securities		—			—			868

Diluted common shares		36,584			35,512			36,302


Net income (loss) per common share:
Basic net income (loss) per common share	$	(0.33	)	$	(0.04	)	$	0.31


Diluted net income (loss) per common share	$	(0.33	)	$	(0.04	)	$	0.30

Approximately 2.7 million, 3.4 million and 2.0 million stock options and nonvested shares were excluded from the computations of diluted net income per share in 2015, 2014 and 2013, respectively, because the awards would have been antidilutive for the years presented.