Income Per Share

9 Months Ended

Sep. 30, 2015

5. Income Per Share

The Company has presented net income (loss) per common share pursuant to Accounting Standards Codification (“ASC”) 260 “Earnings Per Share.” Basic net income per common share is computed by dividing reported net income available to common shareholders by the weighted-average number of shares outstanding for the period.

Diluted net income per common share is computed by dividing reported net income available to common shareholders by the weighted-average shares outstanding for the period, adjusted for the dilutive effect of common stock equivalents, which consist of stock options, using the treasury stock method.

There were no anti-dilutive options for the three and nine months ended September 30, 2015. There were no anti-dilutive options for the three months ended September 30, 2014. For the nine months ended September 30, 2014, 3,000 stock options were excluded from the dilutive computation as the assumed shares repurchased under the treasury method would have been anti-dilutive.

The table below sets forth the computation of basic and diluted net income per share:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
	(in thousands, except per share amounts)

Net income (loss) available to common shareholders:
Basic net income available to common shareholders from continuing operations	$	1,837		$	2,495	$	8,255		$	10,548

Basic net (loss) income available to common shareholders from discontinued operations	$	(700	)	$	400	$	(1,005	)	$	402

Diluted net income available to common shareholders from continuing operations	$	1,837		$	2,495	$	8,255		$	10,548

Diluted net (loss) income available to common shareholders from discontinued operations	$	(700	)	$	400	$	(1,005	)	$	402


Shares:
Basic weighted average number of common shares outstanding		3,960			4,145		4,015			4,137

Common shares assumed upon exercise of stock options		29			59		44			41

Diluted weighted average number of common shares outstanding		3,989			4,204		4,059			4,178


Basic net income (loss) per common share:
Income from continuing operations	$	0.46		$	0.60	$	2.06		$	2.55
(Loss) income from discontinued operations, net of tax		(0.17	)		0.10		(0.25	)		0.10

Net income	$	0.29		$	0.70	$	1.81		$	2.65


Diluted net income (loss) per common share:
Income from continuing operations	$	0.46		$	0.59	$	2.03		$	2.52
(Loss) income from discontinued operations, net of tax		(0.17	)		0.10		(0.24	)		0.10

Net income	$	0.29		$	0.69	$	1.79		$	2.62