Earnings Per Share

3 Months Ended

Mar. 31, 2016

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock and Performance Units that were outstanding during the three months ended March 31, 2016. The basic and diluted per share computations include these unvested shares of restricted common stock and performance units if there is income available to common stock, as they have dividend participation rights. The shares of restricted common stock and Performance Units have no contractual obligation to share in losses. Because there is no such obligation, the shares of restricted common stock and Performance Units are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the three months ended March 31, 2016 and 2015.

(in thousands, except per-share information)
				Three Months Ended March 31,
				2016		2015
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net (loss) income - Basic and diluted		$	(4,591)	$	5,509
Weighted average common shares:
	Common shares outstanding at the balance sheet date			21,772		17,924
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		-		32
	Effect of weighting			(16)		(1,109)
Weighted average shares-basic and diluted				21,756		16,847
(Loss) income per common share:
	Basic and diluted		$	(0.21)	$	0.33

There was an average of 31,260 shares of restricted common stock and Performance Units that were anti-dilutive and not included in diluted earnings per share for the three months ended March 31, 2016