Earnings (Loss) Per Share

9 Months Ended

Sep. 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 nine months ended periods of September 30, 2015, no potential common stock equivalents were included as the effect of such would be anti-dilutive. For the three and nine months ended periods of September 30, 2014, incremental shares of 1,167,019 and 1,224,380 potential common stock equivalents were included in the computation of diluted earnings per share, respectively. For the three month periods ended September 30, 2015 and 2014, the Company had 2,015,415 and 1,936,156 securities, respectively, that were potentially dilutive in future earnings per share calculations. For the nine month periods ended September 30, 2015 and 2014, the Company had 2,006,744 and 2,010,090 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 September 30,		Nine months ended September 30,
	2015	2014	2015	2014
Basic:
Weighted average shares outstanding	27,243,128	27,468,240	27,397,342	27,430,162
Diluted:
Total basic weighted average shares outstanding	27,243,128	27,468,240	27,397,342	27,430,162
Effect of dilutive securities:
Common stock options	—	334,494	—	379,046
Total weighted average shares outstanding assuming dilution	27,243,128	27,802,734	27,397,342	27,809,208
Anti-dilutive stock options	1,077,816	771,544	959,631	787,184
Shares of common stock issued from the exercise of stock options	—	75,783	3,970	130,705