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Net Income per Share of Common Stock
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Net Income per Share of Common Stock
Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
Three months ended March 31,
(dollars in thousands, except earnings per share)
2017
 
2016
Numerator for earnings per share:
 
 
 
Net income (loss) that is available to common shareholders
$
(6,570
)
 
$
718

 
 
 
 
Denominator for basic earnings per share:
 
 
 
Weighted average shares outstanding
21,938,735

 
21,850,171

 
 
 
 
Denominator for diluted earnings per share:
 
 
 
Effect of stock options and restricted stock units
—

 
150,847

Adjusted weighted average shares and assumed conversions
21,938,735

 
22,001,018

 
 
 
 
Basic earnings (loss) per share
$
(0.30
)
 
$
0.03

 
 
 
 
Diluted earnings (loss) per share
$
(0.30
)
 
$
0.03

 
 
 
 
Shares excluded from diluted earnings (loss) per share due to:
 
 
 
Net loss position (excluded from denominator)
153,750

 
—

Inclusion would have been anti-dilutive (excluded from calculation)
615,587

 
616,642



When applicable, diluted shares outstanding includes the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. As part of the adoption of ASU 2016-09 as of January 1, 2017, anticipated tax windfalls and shortfalls are no longer included in the calculation of assumed proceeds when applying the treasury stock method.