Earnings Per Common Share

3 Months Ended

Mar. 31, 2018

Following is a summary of the information used in the computation of earnings per common share (in thousands):



	Three Months Ended March 31,
	2018			2017
Net (loss) earnings available to common shareholders	$	(450	)	$	1,680
Dividends on Series C preferred stock	—			—
Adjusted net earnings available to common shareholders	$	(450	)	$	1,680
Weighted average number of common shares outstanding used in computation of basic earnings per common share	16,495			11,264
Effect of dilutive securities:
Stock options	5			14
Restricted stock	—			4
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share	16,500			11,282

On July 11, 2017, the Company completed the sale of an additional 516,700 shares of its common stock, pursuant to the partial exercise of the option to purchase additional shares granted to the underwriter in connection with the Company’s recently completed public offering of 4,583,334 shares at $12.00 per share. The partial exercise of the underwriter’s option to purchase additional shares resulted in additional gross proceeds of approximately $6.2 million bringing the total gross proceeds to approximately $61.2 million and total net proceeds to approximately $57.2 million.

Following is a summary of the securities that were excluded from the computation of diluted earnings per share because the effects of the shares were anti-dilutive (in thousands):



	Three Months Ended March 31,
	2018	2017
Stock options	43	84
Restricted stock	—	4
Shares subject to the outstanding warrant issued in connection with the CPP transaction	104	104
Convertible preferred stock	—	507