Earnings per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share

Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share include the effect of conversions of stock options and nonvested shares. The computations of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 (in thousands, except share and per share amounts) are as follows:



	For the Three Months Ended March 31,
	2016			2015
Numerator:
Net loss from continuing operations	$	(1,326	)	$	(1,258	)
Net loss from discontinued operations	(65		)	(5,713		)
Net loss available to common shareholders	(1,391		)	(6,971		)

Denominator:
Weighted average common shares outstanding – basic	91,758,041			91,024,747

Weighted average common shares outstanding – dilutive:
Weighted average common shares outstanding – basic	91,758,041			91,024,747
Stock options	—			—
Nonvested shares	—			—
Weighted average common shares outstanding – dilutive	91,758,041			91,024,747

Basic earnings per share:
Net loss from continuing operations	$	(0.02	)	$	(0.01	)
Net loss from discontinued operations	—			(0.07		)
Net loss available to common shareholders	(0.02		)	(0.08		)

Diluted earnings per share:
Net loss from continuing operations	$	(0.02	)	$	(0.01	)
Net loss from discontinued operations	—			(0.07		)
Net loss available to common shareholders	(0.02		)	(0.08		)

The following weighted-average options to purchase shares of common stock were outstanding during each period presented, but were not included in the computation of diluted earnings per share because the calculated number of shares assumed to be repurchased was greater than the number of shares to be obtained upon exercise, therefore, the effect would be antidilutive (in thousands, except exercise prices):



	For the Three Months Ended March 31,
	2016		2015
Number of stock options	5,203		9,938
Weighted average exercise price of stock options	$	0.70	$	0.63

There were no options granted during the three months ended March 31, 2016. Option grants for the three months ended March 31, 2015 were not significant.

As of March 31, 2016 and December 31, 2015, the Company had 1.5 million and 1.4 million nonvested shares outstanding, respectively. While the nonvested shares granted during 2015 vest one year from the date of grant, the nonvested shares granted in prior years vest ratably over their original term of six years. The weighted average impact of approximately 1.5 million nonvested shares were not included in the calculation of earnings per share for the three months ended March 31, 2016 because they were anti-dilutive. Approximately 0.5 million nonvested shares were not included in the calculation of earnings per share for the three months ended March 31, 2015.