(Loss) Per Share

Basic earnings (loss) per share are based on the weighted average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted average number of common shares outstanding and the effect of all dilutive common stock equivalents during each period. The exercise price for certain stock options awarded by the Company exceeds the average market price of the Company's common stock. Such stock options are anti-dilutive and are not included in the computation of earnings (loss) per share. For the years ended December 31, 2018, 2017 and 2016, the Company had 1,938,967, 2,274,908, and 2,381,926, securities, respectively, that were potentially dilutive in future earnings per share calculations. Such dilution will be dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method.

The following table reconciles the denominators used in the computations of both basic and diluted earnings (loss) per share:



	Year ended December 31,
	2018	2017	2016
Basic:
Weighted average shares outstanding	28,518,353	28,029,936	27,536,967
Diluted:
Total basic weighted average shares outstanding	28,518,353	28,029,936	27,536,967
Effect of dilutive securities:
Common stock options	—	324,344	—
Total weighted average shares outstanding assuming dilution	28,518,353	28,354,280	27,536,967
Anti-dilutive stock options	—	—	—
Shares of common stock issued from the exercise of stock options	488,303	229,551	13,850