2. EARNINGS PER COMMON SHARE

Basic earnings per common share is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period.

Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. In the event of a net loss, the outstanding stock options are excluded from the diluted earnings per common share calculation due to their anti-dilutive effect and the diluted net loss per common share would equal the basic net loss per common share.

The following table illustrates the computation of basic and diluted earnings per share:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
	Amount		Per Share Amount		Amount		Per Share Amount		Amount		Per Share Amount		Amount		Per Share Amount
	(Amounts in thousands, except per share amounts)

Net income (loss)	$	11,407			$	(8,986)			$	31,517			$	(3,516)

Basic:
Weighted average shares outstanding		37,056	$	0.31		36,657	$	(0.25)		37,023	$	0.85		36,659	$	(0.10)

Diluted:
Add incremental shares for:
Effect of dilutive securities - options		276				-				250				-
Total		37,332	$	0.31		36,657	$	(0.25)		37,273	$	0.85		36,659	$	(0.10)

On April 30, 2015, the Company announced the Board of Directors approved a stock repurchase program under which it authorized the Company to repurchase, in the aggregate, up to $15.0 million of the Company’s outstanding common stock. The repurchase program remains in place, but may be limited or terminated at any time without prior notice. Under the authorized stock repurchase agreement, the Company could repurchase shares in open-market purchases or through privately negotiated transactions as permitted under Rule 10b-18 promulgated under the Exchange Act. As of September 30, 2017, the Company had repurchased an aggregate of $1.3 million of the Company’s outstanding common stock under this program at an average price of $7.04 per share.