NOTE 5—(LOSS) EARNINGS PER SHARE

On January 30, 2015, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation in order to effect a one-for-three reverse split of its common stock and its common stock began trading on the NYSE on a split-adjusted basis on February 2, 2015. No fractional shares were issued in connection with the reverse stock split. The change in the number of shares resulting from the reverse stock split has been applied retroactively to all shares and per share amounts presented in the condensed consolidated financial statements and accompanying notes, unless otherwise noted. As a result of the reverse stock split, the number of issued and outstanding shares of its common stock was reduced to 18,074,291 and 18,073,051, respectively, at December 31, 2014.

The calculation of basic and diluted net loss per share for the periods presented is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Basic and diluted net (loss) earnings per share
Numerator:
Net loss from continuing operations	$	(5,751	)	$	(3,224	)	$	(11,670	)	$	(9,506	)
Net earnings (loss) from discontinued operations	4,036			(685		)	4,036			(685		)

Net loss	$	(1,715	)	$	(3,909	)	$	(7,634	)	$	(10,191	)

Denominator:
Weighted-average shares outstanding	18,119,567			8,795,542			18,085,609			11,304,845
Add:
Dilutive effect of stock options	—			—			—			—
Dilutive effect of restricted common stock	—			—			—			—

Weighted-average shares outstanding with dilution	18,119,567			8,795,542			18,085,609			11,304,845


Net (loss) earnings per share:
Basic from continuing operations	$	(0.32	)	$	(0.37	)	$	(0.65	)	$	(0.84	)
Basic from discontinued operations	0.22			(0.07		)	0.23			(0.06		)

Basic	$	(0.10	)	$	(0.44	)	$	(0.42	)	$	(0.90	)


Diluted from continuing operations	$	(0.32	)	$	(0.37	)	$	(0.65	)	$	(0.84	)
Diluted from discontinued operations	0.22			(0.07		)	0.23			(0.06		)

Diluted	$	(0.10	)	$	(0.44	)	$	(0.42	)	$	(0.90	)

On March 7, 2014, the Company repurchased 5,203,986 shares of its common shares at $4.62 per share in connection with a modified “Dutch Auction” tender offer.

On December 15, 2014, pursuant to the terms of the Purchase Agreement, the Company issued to the Purchaser an aggregate of 9,210,710 shares of its authorized but unissued common stock, par value $0.01 per share, for an aggregate purchase price of approximately $21,664, or $2.35 per share. The Purchased Shares represented approximately 51% of the Company’s outstanding shares on the Closing Date.

Due to the loss from continuing operations for the three months ended September 30, 2015 and 2014, diluted weighted-average common shares outstanding does not include any stock options or any shares of unvested restricted common stock as these potential awards do not share in any net loss generated by the Company and are anti-dilutive.

Due to the loss from continuing operations for the nine months ended September 30, 2015 and 2014, diluted weighted-average common shares outstanding does not include any stock options or any shares of unvested restricted common stock as these potential awards do not share in any net loss generated by the Company and are anti-dilutive.

Since the effect would be anti-dilutive, there were 56 and 23 shares of common stock issued under the Employee Stock Purchase Plan (“ESPP”) that were not included in the computation of diluted weighted-average shares outstanding for both the three and nine months ended September 30, 2015, respectively. Since the effect would be anti-dilutive, there were 4 and 3 shares of common stock issued under the ESPP that were not included in the computation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2014.

Since the effect would be anti-dilutive, there were 1,754,665 stock options outstanding that were not included in the computation of diluted weighted-average shares outstanding for both the three and nine months ended September 30, 2015, respectively. Since the effect would be anti-dilutive, there were 3,405,389 stock options outstanding that were not included in the computation of diluted weighted-average shares outstanding for both the three and nine months ended September 30, 2014, respectively.