Earnings per share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings per share

11. Earnings per share

For the three and nine months ended September 30, 2014 and 2013, there were no adjustments to net income (loss) for purposes of calculating basic and diluted net income (loss) available to common shareholders. The following is a reconciliation of the weighted average shares used in the basic and diluted net income (loss) per common share computations.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Weighted average common shares-basic		18,577,540		18,142,935		18,408,172		18,897,887
Effect of dilutive securities:
Unexercised stock options net of treasury share repurchase		195,846		—		156,284		—
Weighted average common shares-diluted		18,773,386		18,142,935		18,564,522		18,897,887

Options to purchase shares of common stock with exercise prices in excess of the average market price of common shares are not included in the computation of diluted earnings per share. There were 1,023,038 and 1,055,422 outstanding options not included in the diluted earnings per share computation for the three and nine months ended September 30, 2014, respectively, because the inclusion of these options was antidilutive. There were 1,647,878 and 1,186,259 outstanding options not included, respectively, in the diluted earnings per share computation for the three and nine months ended September 30, 2013, respectively, because the inclusion of these options was anti-dilutive.