(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 June 30, 2019 and June 30, 2018, the Company had 1,651,916 and 2,012,481 securities, respectively, that were potentially dilutive in future earnings per share calculations. For the six months ended June 30, 2019 and June 30, 2018, the Company had 1,699,936 and 1,969,623 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 following table reconciles the denominators used in the computations of both basic and diluted earnings (loss) per share:



	Three months ended June 30,		Six months ended June 30,
	2019	2018	2019	2018
Basic:
Weighted average shares outstanding	29,097,094	28,309,004	29,086,811	28,243,400
Diluted:
Total basic weighted average shares outstanding	29,097,094	28,309,004	29,086,811	28,243,400
Effect of dilutive securities:
Common stock options	—	235,006	—	231,032
Total weighted average shares outstanding assuming dilution	29,097,094	28,544,010	29,086,811	28,474,432
Shares of common stock issued from the exercise of stock options	—	84,705	7,021	231,470