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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

NOTE 3 — EARNINGS PER COMMON SHARE

 

We compute basic earnings per share (“EPS”) by dividing net income or loss available to common stockholders by the weighted average number of shares outstanding during the period, including common stock issuable under participating securities. We compute diluted EPS using the weighted average number of shares outstanding, including participating securities, plus all potentially dilutive common stock equivalents. Common stock equivalents consist of stock options.

Our policy is to treat unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, as participating securities, included in the computation of both basic and diluted earnings per share.  The following is the reconciliation of the denominator of the basic and diluted EPS computations (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

   

 

2015

 

 

2014

 

 

2015

 

 

2014

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

$
780 

 

$
1,676 

 

$
1,640 

 

$
2,327 

Basic weighted average shares outstanding

 
11,675 

 

 
11,635 

 

 
11,672 

 

 
11,628 

Basic income per share:

$
0.07 

 

$
0.14 

 

$
0.14 

 

$
0.20 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

$
780 

 

$
1,676 

 

$
1,640 

 

$
2,327 

Weighted average shares outstanding

 
11,675 

 

 
11,635 

 

 
11,672 

 

 
11,628 

Effect of dilutive securities - options

 
273 

 

 
272 

 

 
271 

 

 
284 

Diluted weighted average shares outstanding

 
11,948 

 

 
11,907 

 

 
11,943 

 

 
11,912 

Diluted income per share:

$
0.07 

 

$
0.14 

 

$
0.14 

 

$
0.20 

 

 

For the three months ended June 30, 2015 and 2014, 0.1 million and 0.2 million shares, respectively, of common stock were excluded from the dilutive stock calculation because their exercise prices were greater than the average fair value of our common stock for the period.

 

For the six months ended June 30, 2015 and 2014, 0.3 million and 0.2 million shares, respectively of common stock were excluded from the dilutive stock calculation because their exercise prices were greater than the average fair value of our common stock for the period.