EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2015

Basic income (loss) per share is computed by dividing net income (loss) attributable to the Corporation by the weighted average number of common shares outstanding during each period. Diluted income (loss) per share is computed by dividing net income attributable to the Corporation by the sum of the weighted-average number of shares outstanding during each period and the dilutive potential common shares outstanding during the period determined under the treasury stock method. In loss periods, basic net loss and diluted net loss are the same since the effect of potential common shares is anti-dilutive and therefore excluded.

Dilutive potential common shares consist of shares issuable upon (i) the vesting of restricted stock, (ii) the exercising of warrants at average market prices greater than their exercise prices, and (iii) the exercising of stock options at average market prices greater than their exercise prices. Under the treasury stock method, dilutive potential common shares are determined based on the assumed exercise of dilutive restricted stock, stock options and warrants less the number of treasury shares assumed to be purchased from the amount that must be paid to exercise stock options, the amount of compensation expense for future service that has not yet been recognized for restricted stock and stock options, and the amount of tax benefits that will be recorded in additional paid-in capital when the dilutive awards become deductible.

The computation of basic and diluted net income (loss) per share is as follows:



	Three Months Ended							Nine Months Ended
	Net Loss Attributable to the Corporation			Shares	Per Share			Net Income (Loss) Attributable to the Corporation			Shares	Per Share
September 30, 2015:
Basic income (loss) per share	$	(109	)	15,799,574	$	(0.01	)	$	3,158		15,218,069	$	0.21
Effect of dilutive unvested restricted stock unit awards	—			—	—			—			2,836	—
Diluted income (loss) per share	$	(109	)	15,799,574	$	(0.01	)	$	3,158		15,220,905	$	0.21

September 30, 2014:
Basic loss per share	$	(23,408	)	14,870,549	$	(1.57	)	$	(22,856	)	14,632,888	$	(1.56	)
Warrant exchange (Note 7)	—			—	—			—			—	—
Diluted loss per share	$	(23,408	)	14,870,549	$	(1.57	)	$	(22,856	)	14,632,888	$	(1.56	)

Warrants to purchase 581,807 shares of common stock have been excluded from the calculation of diluted net income (loss) per share in the three and nine month periods ended September 30, 2015 and 2014, since the $12.00 warrant exercise price was higher than the weighted average share price during the respective periods. Options to purchase 241,642 shares of common stock have been excluded from the calculation of diluted net income (loss) per share in the three and nine month periods ended September 30, 2015, since the $4.12 option exercise price was higher than the weighted average share price during the period the options were outstanding. Unvested restricted stock units representing 8,509 shares under the treasury stock method have been excluded from the calculation of diluted net loss per share in the three month period ended September 30, 2015, since they were anti-dilutive.