(5) Earnings per Common Share

We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share which include the effect of all potentially dilutive securities unless their impact is anti-dilutive. The following are reconciliations of the numerators and denominators of our basic and diluted earnings per share, (in thousands except for share and per share amounts):



	For the Three Months Ended
	March 31,
	2019		2018
Income (numerator):
Net income (loss) from continuing operations	$	(96)	$	133
Net income from discontinued operations	$	—	$	1,110
Weighted average shares (denominator):
Weighted average shares – basic		10,644,197		10,624,442
Dilution effect of share-based compensation, treasury method		—		—
Weighted average shares – dilutive		10,644,197		10,624,442
Income (loss) per share – Basic and Dilutive:
Continuing operations	$	(0.01)	$	0.01
Discontinued operations	$	—	$	0.10

Options issued to the Company’s directors in which the exercise price was higher than the average market price each quarter were excluded from diluted shares as they would have been anti-dilutive. In addition, the shares that would be issued to employees and Company directors if the thirty day trailing average of WTI postings as published by the U.S. Energy Information Administration meets or exceeds $85 per barrel have also been excluded from this calculation. (See Note 13. Commitments and Contingencies)