Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share are based on the weighted average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted average number of common shares outstanding and the effect of all dilutive common stock equivalents during each period. The exercise price for certain stock options awarded by the Company exceeds the average market price of the Company's common stock. Such stock options are antidilutive and are not included in the computation of earnings (loss) per share. In the three and nine months ended periods of September 30, 2014, incremental shares related to 1,167,019 and 1,224,380 potential commons stock equivalents were included in the computation of diluted earnings per share, respectively. In the three and nine months periods ended September 30, 2013, no potential common stock equivalents were included as the effect of such would be anti-dilutive.

The following table reconciles the denominators used in the computations of both basic and diluted loss per share:

	Three months ended September 30,		Nine months ended September 30,
	2014	2013	2014	2013
Basic:
Weighted average shares outstanding	27,468,240	27,318,180	27,430,162	27,273,176
Diluted:
Total basic weighted average shares outstanding	27,468,240	27,318,180	27,430,162	27,273,176
Effect of dilutive securities:
Common stock options	334,494	—	379,046	—
Total weighted average shares outstanding assuming dilution	27,802,734	27,318,180	27,809,208	27,273,176
Anti-dilutive stock options	771,544	788,356	787,184	786,149
Shares of common stock issued from the exercise of stock options	75,783	38,507	130,705	135,607