Basic and Diluted Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2016

Basic and Diluted Earnings (Loss) Per Common Share [Abstract]

Basic and Diluted Loss Per Common Share

3. Basic and Diluted Earnings (Loss) per Common Share

Basic earnings (loss) per share is based on the weighted average number of outstanding common shares for the period.  Diluted earnings (loss) per share adjusts the weighted average shares outstanding for the potential dilution that could occur if stock options were exercised into common stock.

The number of common shares and common share equivalents used in the determination of basic and diluted earnings (loss) per share were as follows:

(in thousands, except for share amounts)	Three months ended
	March 31,
	2016		2015
Numerator:
Net income (loss)	$	138	$	(472	)
Denominator:
Weighted-average shares outstanding for basic earnings per share		17,912,045		17,887,859
Effect of dilutive securities:
Employee stock options		221,697		-
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		18,133,742		17,887,859
Shares related to dilutive securities excluded because inclusion would be anti-dilutive		752,042		2,565,067