Net Income Per Common Share

9 Months Ended

Sep. 30, 2015

Net income (loss) per common share, as shown on the Condensed Consolidated Statements of Income (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows:



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Weighted average common shares outstanding
Basic	30,674,604	31,641,680	30,873,594	32,510,415
Dilutive effect of stock options and restricted stock	275,968	—	339,488	488,967
Weighted average common shares outstanding diluted	30,950,572	31,641,680	31,213,082	32,999,382

Options to purchase 463,200 shares of common stock that were outstanding for both the three and nine month periods ended September 30, 2015 were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive. There were 435,559 dilutive common shares excluded from the computation of loss per common share for the three months ended September 30, 2014 due to the Company's net loss for the period. Options to purchase 198,500 shares of common stock that were outstanding for the nine month period ended September 30, 2014 were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive.