Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2015

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 six months ended periods of June 30, 2015 and June 30, 2014, no potential common stock equivalents were included as the effect of such would be anti-dilutive. For the three month periods ended June 30, 2015 and 2014, the Company had 2,012,770 and 2,029,109 securities, respectively, that were potentially dilutive in future earnings per share calculations. For the six month periods ended June 30, 2015 and 2014, the Company had 2,002,337 and 2,047,669 securities, respectively, that were potentially dilutive in future earnings per share calculations. Such dilution will be dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method.

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



	Three months ended June 30,		Six months ended June 30,
	2015	2014	2015	2014
Basic:
Weighted average shares outstanding	27,352,523	27,422,658	27,478,514	27,410,384
Diluted:
Total basic weighted average shares outstanding	27,352,523	27,422,658	27,478,514	27,410,384
Effect of dilutive securities:
Common stock options	—	—	—	—
Total weighted average shares outstanding assuming dilution	27,352,523	27,422,658	27,478,514	27,410,384
Anti-dilutive stock options	950,817	774,113	954,328	794,133
Shares of common stock issued from the exercise of stock options	—	33,908	3,970	54,922