Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2016

Basic earnings (loss) per share (“EPS”) is computed by dividing net earnings (loss) applicable to common stockholders by the weighted average numbers of shares of common stock outstanding during the period. Diluted EPS is computed similarly to basic EPS, except that the denominator is increased for the assumed exercise of dilutive stock options and unvested restricted stock calculated using the treasury stock method.



	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
Weighted average number of common shares outstanding — basic	25,638,070		24,590,759			25,355,393		24,503,624
Effect of dilutive share based awards	527,757		—			380,219		—
Weighted average number of common shares outstanding — diluted	26,165,827		24,590,759			25,735,612		24,503,624

Earnings (loss) per share:
Basic	$	0.81	$	(1.26	)	$	0.54	$	(1.79	)
Diluted	$	0.79	$	(1.26	)	$	0.54	$	(1.79	)

For the three and six months ended June 30, 2016, the Company did not include stock options to purchase 120,753 shares and 1,060,544 shares of the Company's common stock, respectively, in the calculations of diluted EPS because the exercise prices of those options were greater than the average market price and such inclusion would be anti-dilutive.

For the three and six months ended June 30, 2015, there was no effect of dilutive stock options and unvested restricted common stock on calculation of diluted EPS as the Company had a net loss for these periods. There would have been 340,086 and 342,183 anti-dilutive shares had the Company not been in a net loss position for the three and six months ended June 30, 2015, respectively.