Earnings (Loss) Per Common Share

The following tables set forth the computations of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data):



	Three Months Ended September 30,					Nine Months Ended September 30,
Basic earnings (loss) per common share:	2014			2013		2014			2013
Numerator:
Net income (loss)	$	(239	)	$	4,877	$	(5,381	)	$	6,211

Denominator:
Weighted-average common shares outstanding	27,744			29,396		29,203			29,075

Basic earnings (loss) per common share	$	(0.01	)	$	0.17	$	(0.18	)	$	0.21



	Three Months Ended September 30,					Nine Months Ended September 30,
Diluted earnings (loss) per common share:	2014			2013		2014			2013
Numerator:
Net income (loss)	$	(239	)	$	4,877	$	(5,381	)	$	6,211

Denominator:
Weighted-average common shares outstanding	27,744			29,396		29,203			29,075
Incremental shares from stock-based compensation plans	—			419		—			442
Denominator for diluted earnings (loss) per common share	27,744			29,815		29,203			29,517

Diluted earnings (loss) per common share	$	(0.01	)	$	0.16	$	(0.18	)	$	0.21

Weighted-average shares outstanding excludes antidilutive shares underlying options that totaled 3.8 million shares and antidilutive Performance Units issuable under the Company's 2006 Management Incentive Plan that totaled less than 0.1 million shares from the computation of diluted earnings (loss) per common share for the three and nine months ended September 30, 2014. Weighted-average shares outstanding excludes antidilutive shares underlying options that totaled 1.6 million shares, and there were no antidilutive Performance Units related to the Company's 2006 Management Incentive Plan excluded from the computation of diluted earnings (loss) per common share for the three and nine months ended September 30, 2013. As a result of the net loss for the three and nine months ended September 30, 2014, all shares underlying stock options and Performance Units were considered antidilutive. The number of common shares we used in the basic and diluted earnings (loss) per common share computations include nonvested restricted shares of 0.6 million and 0.7 million for the three and nine months ended September 30, 2014 and 2013, respectively, and nonvested restricted share units that we consider to be participating securities of 0.1 million and 0.2 million for the three and nine months ended September 30, 2014 and 2013, respectively.

On December 11, 2012, we closed a public offering of 6,249,234 shares of our common stock, which consisted of 2,500,000 shares sold by us and 3,749,234 shares sold by certain selling shareholders, at a price to the public of $6.39 per share. The net proceeds to us from the public offering, after deducting underwriting discounts and commissions and offering expenses, were $14.7 million. We did not receive any proceeds from the sale of shares by the selling shareholders. In addition, the underwriters elected to exercise an overallotment option for an additional 687,385 shares, and completed the additional sale on January 8, 2013. The net proceeds to us from the overallotment, after deducting underwriting discounts and commissions and offering expenses, were $4.1 million.

In partial satisfaction of a business acquisition obligation, we issued 187,620 shares of our common stock having a value of $1.3 million in the nine months ended September 30, 2014 and 217,155 shares of our common stock having a value of $1.4 million in the nine months ended September 30, 2013.

We repurchased 1,413,017 shares of our common stock during the three months ended September 30, 2014 for $9.0 million, and 3,117,277 shares of our common stock during the nine months ended September 30, 2014 for $20.0 million. There were no repurchases during the year ended December 31, 2013.

Pursuant to exercises of outstanding stock options, we issued 710,063 shares of our common stock having a value of $2.8 million in the nine months ended September 30, 2014 and 129,976 shares of our common stock having a value of $0.6 million in the nine months ended September 30, 2013. Stock option exercises during the nine-month period ended September 30, 2014 primarily consisted of exercises by former executive officers of the Company.