(Loss) Earnings Per Share

Basic (loss) earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted (loss) earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. 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. For the three month periods ended March 31, 2019 and March 31, 2018, the Company had 1,748,489 and 1,926,288 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 earnings (loss) per share:



	Three months ended March 31,
	2019	2018
Basic:
Weighted average shares outstanding	28,927,406	28,143,791
Diluted:
Total basic weighted average shares outstanding	28,927,406	28,143,791
Effect of dilutive securities:
Common stock options	—	225,971
Total weighted average shares outstanding assuming dilution	28,927,406	28,369,762
Shares of common stock issued from the exercise of stock options	7,021	146,765