Earnings Per Share

3 Months Ended

Mar. 31, 2017

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



	March 31, 2017	March 31, 2016
Stock-based compensation awards⁽¹⁾:
Stock options	926,898	584,375
Restricted stock to non-directors	797,401	343,753
Restricted stock to directors	78,754	21,784
Warrants:
Private placement warrants	6,160,000	6,160,000
Public warrants	9,823,072	9,823,072

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(1)	SARs and Phantom Shares are payable in cash and 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 three months ended March 31, 2017, 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.