Earnings Per Common Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

(6) Earnings Per Common Share

Basic earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during the period. Restricted stock awards and restricted stock units (collectively, nonvested shares) are not considered to be outstanding shares until the service or performance vesting period has been completed.

The diluted earnings per share calculation would normally involve adjusting both the denominator and numerator as described here if the effect is dilutive. The denominator would include both the weighted average number of shares of common stock outstanding and common stock equivalents. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method and shares issuable under the employee stock purchase plan.

For purposes of calculating diluted earnings per common share, the denominator includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method and shares issuable under the employee stock purchase plan (ESPP). Earnings per common share information is as follows (in thousands, except per share amounts) for the three months and nine months ended September 30, 2018 and 2017:

	Three months ended September 30,					Nine months ended September 30,
	2018			2017		2018			2017
(Loss) Earnings Per Common Share – Basic and Diluted:
Net (loss) income	$	(520	)	$	153	$	(1,033	)	$	4,983
Weighted-average common shares outstanding		44,215			44,215		44,215			44,215
Basic and diluted (loss) earnings per share	$	(0.01	)	$	0.00	$	(0.02	)	$	0.11

As of September 30, 2018 and 2017, options for 41,787 and 41,787 shares, respectively, were outstanding that have been excluded from the calculation of diluted weighted average shares outstanding, as they would be anti-dilutive since the respective options’ strike price was greater than the current market price of the shares. Additionally, as of September 30, 2018 and 2017, there were no dilutive common stock equivalents that would have affected diluted (loss) earnings per share.