Earnings (loss) per Share

6 Months Ended

Jun. 30, 2015

2.	Earnings (loss) per Share

Basic earnings (loss) per share are calculated by dividing net income (loss) 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 (loss) per share:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2015	2014	2015	2014
Denominator:
Weighted average common shares for basic earnings (loss) per share	17,101,952	17,647,936	17,198,927	17,748,863
Effect of dilutive securities	—	65,085	52,251	72,616
Weighted average common shares for diluted earnings (loss) per share	17,101,952	17,713,021	17,251,178	17,821,479

The weighted average common shares for diluted earnings (loss) per share exclude stock options to purchase 600,364 and 521,747 shares for the three months ended June 30, 2015 and 2014, respectively, and 591,436 and 484,949 shares for the six months ended June 30, 2015 and 2014. 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.