Basic and Diluted Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2016

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

Basic and Diluted Earnings (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 or other common stock equivalents 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					Nine months ended
	September 30,					September 30,
	2016		2015			2016		2015
Numerator:
Net income (loss)	$	168	$	(3,763	)	$	418	$	(5,731	)
Denominator:
Weighted-average shares outstanding for basic earnings per share		18,230,148		17,894,272			18,052,019		17,890,020
Effect of dilutive securities:
Employee stock options		239,969		-			235,851		-
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		18,470,117		17,894,272			18,287,870		17,890,020
Shares related to dilutive securities excluded because inclusion would be anti-dilutive		734,833		2,513,321			741,862		2,548,401