Earnings Per Share

6 Months Ended

Jun. 30, 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 six and three months ended June 30, 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 six and three months ended June 30, 2016 and 2015.

(in thousands, except per-share information)
				Six Months Ended June 30,				Three Months Ended June 30,
				2016		2015		2016		2015
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income (loss) - Basic and diluted		$	1,872	$	2,677	$	6,463	$	(2,832)
Weighted average common shares:
	Common shares outstanding at the balance sheet date			22,431		22,960		22,431		22,960
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		56		24		56		-
	Effect of weighting			(633)		(4,664)		(566)		(3,208)
Weighted average shares-basic and diluted				21,854		18,320		21,921		19,752
Income per common share:
	Basic and diluted		$	0.08	$	0.14	$	0.29	$	0.14

There was an average of 25,705 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 June 30, 2015