Earnings (loss) per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings (loss) per Share

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
	September 30,				September 30,
	2016		2015		2016		2015
Denominator:
Weighted average common shares for basic earnings (loss) per share		16,302,870		17,017,334		16,388,892		17,137,730
Effect of dilutive securities		—		54,794		—		52,934
Weighted average common shares for diluted earnings (loss) per share		16,302,870		17,072,128		16,388,892		17,190,664

The weighted average common shares for diluted earnings (loss) per share exclude stock options and unvested restricted stock awards and units to purchase 736,968 and 632,736 shares for the three months ended September 30, 2016 and 2015, respectively, and 772,012 and 606,405 shares for the nine months ended September 30, 2016 and 2015. These securities have been excluded from the calculation, as including them would have an anti-dilutive effect on earnings (loss) per share for the respective periods.