WEIGHTED AVERAGE COMMON SHARES

12 Months Ended

Dec. 31, 2014

WEIGHTED AVERAGE COMMON SHARES [Abstract]

WEIGHTED AVERAGE COMMON SHARES

3. WEIGHTED AVERAGE COMMON SHARES

The weighted average number of common shares used to compute basic and diluted income per share for the years ended December 31, 2014, 2013 and 2012, respectively were as follows:

	Year Ended December 31,
	2014		2013		2012
Basic shares outstanding		22,814,105		22,513,391		22,195,407
Dilutive effect of stock options		-		-		-
Diluted shares outstanding		22,814,105		22,513,391		22,195,407

For the year ended December 31, 2014, 2013 and 2012, options to acquire 119,722; 222,707; and 71,989 shares were excluded from the above table because the Company reported a net loss for the year and therefore their impact on reported loss per share would have been antidilutive.  For the years ended December 31, 2014, 2013 and 2012, options to acquire 795,985; 657,083; and 216,908 shares; respectively, were excluded from the above table because they have an exercise price that is greater than the average market price of the Company’s common stock and therefore their impact on reported (loss) earnings per share would have been antidilutive.

In 2011, 2013 and 2014, the Company issued certain members of management performance shares that vest when certain performance conditions are met.  As of December 31, 2014, these performance conditions were not met.  Accordingly, 360,402 and 441,552 shares of outstanding performance shares have been excluded from the computation of diluted earnings per share for the year ended December 31, 2014 and 2013, respectively.  Refer to Note 9 for more information on performance shares.