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Income Per Common Share
 6 Months Ended
Jun. 30, 2016
Income Per Common Share [Abstract]  
Income Per Common Share

15.  Income Per Common Share 

 

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share data): 





 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Six Months Ended



June 30,

 

June 30,

Basic income (loss) per common share

2016

 

2015

 

2016

 

2015

Net income (loss)

$

 2,347 

 

$

 (502)

 

$

 4,888 

 

$

 (776)

Net (income) loss allocated to participating securities

 

 (46)

 

 

 11 

 

 

 (92)

 

 

 19 

Net income (loss) allocated to common shareholders

$

 2,301 

 

$

 (491)

 

$

 4,796 

 

$

 (757)



 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 32,010 

 

 

 27,713 

 

 

 31,519 

 

 

 27,619 

Basic income (loss) per common share

$

 0.07 

 

$

 (0.02)

 

$

 0.15 

 

$

 (0.03)



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Six Months Ended



June 30,

 

June 30,

Diluted income (loss) per common share

2016

 

2015

 

2016

 

2015

Net income (loss)

$

 2,347 

 

$

 (502)

 

$

 4,888 

 

$

 (776)

Net (income) loss allocated to participating securities

 

 (45)

 

 

 11 

 

 

 (90)

 

 

 19 

Net income (loss) allocated to common shareholders

$

 2,302 

 

$

 (491)

 

$

 4,798 

 

$

 (757)



 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 32,010 

 

 

 27,713 

 

 

 31,519 

 

 

 27,619 

Effect of dilutive stock options and awardsa

 

 754 

 

 

--

 

 

 751 

 

 

--

Diluted weighted-average common shares outstanding

 

 32,764 

 

 

 27,713 

 

 

 32,270 

 

 

 27,619 

Diluted income (loss) per common share

$

 0.07 

 

$

 (0.02)

 

$

 0.15 

 

$

 (0.03)

___________________  

aThe Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to income (loss) per common share.  The Company also excluded common stock equivalents from stock awards from the calculation of diluted weighted-average common shares outstanding during periods of net losses because the inclusion of these common stock equivalents would be antidilutive to income (loss) per common share.  Accordingly, stock options to purchase a weighted-average 631,000 and 572,000 shares for the three and six months ended June 30, 2016, respectively, and 795,000 and 716,000 shares for the three and six months ended June 30, 2015, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding.    Additionally, the Company excluded a weighted-average of 274,000 and 309,000 shares of common stock equivalents for outstanding stock awards for the three and six months ended June 30, 2015, respectively.