WEIGHTED AVERAGE COMMON SHARES

6 Months Ended

Jun. 30, 2017

WEIGHTED AVERAGE COMMON SHARES [Abstract]

2.	WEIGHTED AVERAGE COMMON SHARES

The weighted average number of common shares used to compute basic and diluted loss per share for the three and six months ended June 30, 2017 and 2016 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Basic shares outstanding		23,962,055		23,448,224		23,786,656		23,399,708
Dilutive effect of stock options		-		-		-		-
Diluted shares outstanding		23,962,055		23,448,224		23,786,656		23,399,708

For the three months ended June 30, 2017 and 2016, options to acquire 537,718 and 604,378 shares were excluded from the above table because the Company reported a net loss for each quarter and, therefore, their impact on reported loss per share would have been antidilutive. For the six months ended June 30, 2017 and 2016, options to acquire 583,848 and 412,286 shares were excluded from the above table because the Company reported a net loss for each quarter and, therefore, their impact on reported loss per share would have been antidilutive. For the three and six months ended June 30, 2017, options to acquire 170,667 shares 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 income (loss) per share would have been antidilutive.