Earnings (loss) per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

2. Earnings (loss) per Share

Basic earnings (loss) per share is calculated by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings (loss) per share include the dilutive effects of stock options and unvested restricted stock awards and units.

The following reconciles the denominator used in the calculation of diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Denominator:
Weighted average common shares for basic earnings per share		17,830,813		17,732,715		17,794,803		17,719,005
Effect of dilutive securities		—		81,784		97,139		92,839
Weighted average common shares for diluted earnings per share		17,830,813		17,814,499		17,891,942		17,811,844

The weighted average common shares for diluted earnings per share exclude stock options to purchase 815,918 and 602,410 shares for the three months ended September 30, 2013 and 2012, respectively, and 472,280 and 500,325 shares for the nine months ended September 30, 2013 and 2012, respectively. These options have been excluded from the calculation, as including them would have an anti-dilutive effect on earnings (loss) per share for the respective periods.