(Loss)/Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

(Loss)/Earnings Per Common Share

(Loss)/Earnings Per Common Share

2. (Loss)/Earnings Per Common Share

The Company calculates basic and diluted (loss)/earnings per share in accordance with ASC 260, “Earnings Per Share.”  Basic (loss)/earnings per share is computed based upon weighted-average shares outstanding during the period.  Dilutive (loss)/earnings per share is computed consistently with the basic computation while giving effect to all dilutive potential common shares and common share equivalents that were outstanding during the period. The Company uses the treasury stock method to reflect the potential dilutive effect of unvested stock awards and unexercised options.  The weighted-average shares outstanding were calculated as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands of shares)	2013	2012	2013	2012
Weighted average shares for basic loss per share	6,187	5,935	6,098	5,948
Effect of dilutive common share equivalents	—	—	—	—
Weighted average shares and dilutive common share equivalents for dilutive loss per share	6,187	5,935	6,098	5,948

GAAP requires the exclusion of certain potentially dilutive securities when an entity reports a net loss, so that the calculated earnings per share are a more conservative (greater) loss per share.  The Company was in a net loss position for the three and nine months ended September 30, 2013 and 2012.  Therefore, for the purposes of computing dilutive loss per share for the three and nine months ended September 30, 2013 and 2012, the Company excluded approximately 456,000 and 460,000, respectively, of shares underlying stock options, 40,000 and 375,000, respectively, of shares of restricted stock, and 21,000 and 165,000, respectively, of shares underlying restricted stock units (“RSUs”).