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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Common Share

(5) Earnings Per Common Share

The Company calculates basic and diluted earnings per common share in accordance with ASC 260 “Earnings Per Share,” using the two-class method because the Company’s unvested restricted stock is a participating security since these awards contain non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options.

The following table reconciles earnings (loss) per common share for the years ended December 31, 2017, 2016 and 2015:

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Basic Earnings (Loss) per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(25,771

)

 

$

(21,672

)

 

$

(17,934

)

Distributed earnings to common shares

 

 

—

 

 

 

—

 

 

 

—

 

Distributed earnings to participating securities

 

 

—

 

 

 

—

 

 

 

—

 

Total distributed earnings

 

 

—

 

 

 

—

 

 

 

—

 

Undistributed loss allocable to common shares

 

 

(25,771

)

 

 

(21,672

)

 

 

(17,934

)

Undistributed earnings allocable to participating

   securities

 

 

—

 

 

 

—

 

 

 

—

 

Total undistributed loss

 

 

(25,771

)

 

 

(21,672

)

 

 

(17,934

)

Loss to common shares—basic

 

$

(25,771

)

 

$

(21,672

)

 

$

(17,934

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—

   basic

 

 

10,571

 

 

 

9,188

 

 

 

8,198

 

Basic earnings (loss) per common share

 

$

(2.44

)

 

$

(2.36

)

 

$

(2.19

)

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Diluted Earnings (Loss) per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Loss to common shares—basic

 

$

(25,771

)

 

$

(21,672

)

 

$

(17,934

)

Undistributed earnings allocated to participating

   securities

 

 

—

 

 

 

—

 

 

 

—

 

Undistributed earnings reallocated to participating

   securities

 

 

—

 

 

 

—

 

 

 

—

 

Loss to common shares—diluted

 

$

(25,771

)

 

$

(21,672

)

 

$

(17,934

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—

   basic

 

 

10,571

 

 

 

9,188

 

 

 

8,198

 

Dilutive effect of stock options

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average common shares outstanding—

   dilutive

 

 

10,571

 

 

 

9,188

 

 

 

8,198

 

Diluted earnings (loss) per common share

 

$

(2.44

)

 

$

(2.36

)

 

$

(2.19

)

 

There were no common stock equivalents related to stock options that were anti-dilutive and excluded from diluted earnings per common share for the years ended December 31, 2017, 2016 and 2015 because the exercise prices of the stock options were higher than the average market price of the underlying common stock for the period.

There were 102, 187 and 230 common stock equivalents related to stock options that were anti-dilutive and excluded from diluted earnings per common share for the years ended December 31, 2017, 2016 and 2015, respectively, because the Company incurred a net loss for the period.