Earnings Per Share

12 Months Ended

Dec. 31, 2016

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. In computing dilutive income (loss) per share, basic income (loss) per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock and warrants.

The following represents amounts that could potentially dilute basic EPS in the future:



Stock-based compensation awards⁽¹⁾:
Stock options	751,973
Restricted stock to non-directors	352,017
Restricted stock to directors	14,524
Warrants:
Private placement warrants	6,160,000
Public warrants	9,823,072

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(1)	SARs and Phantom Options are payable in cash so will therefore have no impact on number of shares

Warrants and options are considered anti-dilutive and excluded when the exercise price exceeds the average market value of the Company’s common stock price during the applicable period. Performance share units are considered anti-dilutive if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Given that the Company recorded a net loss for the twelve months ended December 31, 2016, there is no difference between basic and diluted net loss per share since the effect of the items identified above would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.