EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 5—EARNINGS PER SHARE

        Basic earnings per share are computed by dividing net income (loss) by the weighted-average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share except that the weighted-average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

        The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income per share computations during the three months ended March 31, 2014 and 2013.

	Three Months Ended March 31
	2014			2013
	(dollars in thousands, except per share amounts)
Net loss	$	(6,213	)	$	(786	)
Shares outstanding:
Weighted average shares outstanding		28,500,328			28,137,030
Effect of dilutive securities		—			—
Diluted shares outstanding		28,500,328			28,137,030
Net loss per common share:
Basic	$	(0.22	)	$	(0.03	)
Diluted	$	(0.22	)	$	(0.03	)

        The dilutive EPS calculations do not include the following potential dilutive securities for each of the three months ending March 31 because they were anti-dilutive.

	Three Months Ended March 31
	2014		2013
Weighted-average anti-dilutive stock options outstanding		745,878		1,252,300
Weighted-average anti-dilutive restricted stock units outstanding		205,100		328,736
		950,978		1,581,036