9. EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2015

Net (loss) income per share:

EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income (loss) by the weighted-average number of common shares and dilutive common stock equivalents (warrants, stock awards and stock options) outstanding during the period. Diluted EPS reflects the potential dilution that could occur if options to purchase common stock were exercised for shares of common stock.

At September 30, 2015 and 2014, there were outstanding stock options convertible to 325 shares of common stock, all of which were anti-dilutive for both the three and nine month periods then ended.