EARNINGS/(LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2015

NOTE 16. EARNINGS/(LOSS) PER COMMON SHARE

Basic earnings/(loss) per common share is calculated by dividing net income/(loss) available to (allocable to) common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) per common share is calculated by dividing net income/(loss) available to (allocable to) common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents (stock-based awards and the warrant). There is no dilutive effect on the loss per share during loss periods. The following table provides information relating to the calculation of earnings/(loss) per common share.

(In thousands, except per share data)	2015		2014		2013

Net income (loss)	$	7,108	$	5,051	$	(9,634)

Weighted average shares outstanding – basic		12,629		10,945		8,461

Dilutive effect of common stock equivalents		10		8		-

Weighted average shares outstanding – diluted		12,639		10,953		8,461

Income (loss) per common share – basic	$	0.56	$	0.46	$	(1.14)

Income (loss) per common share – diluted	$	0.56	$	0.46	$	(1.14)

The calculations of diluted income (loss) per share excluded weighted average common stock equivalents of 0 for 2015, 0 for 2014, and 51 thousand for 2013 because the effect of including them would have been antidilutive.