(Loss)/Earnings Per Common Share

3 Months Ended

Mar. 31, 2014

(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 March 31,
(In thousands of shares)	2014	2013
Weighted average shares for basic (loss)/earnings per share	6,181	5,976
Effect of dilutive common share equivalents	—	—
Weighted average shares and dilutive common share equivalents for dilutive (loss)/earnings per share	6,181	5,976

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 months ended March 31, 2014 and March 31, 2013, and therefore excluded approximately 330,000 and 455,000, respectively, of shares underlying stock options (all of which were significantly out of the money), 6,900 and 175,000, respectively, of shares of restricted stock, and 4,400 and 205,000, respectively, of shares underlying restricted stock units (“RSUs”) from its computation of dilutive loss per share because they were anti-dilutive.