Earnings (Loss) Per Share

Basic (loss) earnings per share are based on the weighted average number of common shares outstanding during each period. Diluted (loss) 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. For the three months ended September 30, 2018 and September 30, 2017, the Company had 1,981,879 and 2,364,018 securities, respectively, that were potentially dilutive in future earnings per share calculations. For the nine months ended September 30, 2018 and September 30, 2017, the Company had 1,973,753 and 2,281,805 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 the Company's stock over the exercise price and other components of the treasury stock method.

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



	Three months ended September 30,		Nine months ended September 30,
	2018	2017	2018	2017
Basic:
Weighted average shares outstanding	28,490,530	27,950,829	28,421,850	27,980,074
Diluted:
Total basic weighted average shares outstanding	28,490,530	27,950,829	28,421,850	27,980,074
Effect of dilutive securities:
Common stock options	—	—	—	—
Total weighted average shares outstanding assuming dilution	28,490,530	27,950,829	28,421,850	27,980,074
Shares of common stock issued from the exercise of stock options	256,833	13,710	488,303	173,518