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Earnings Per Common Share
12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share

(5) Earnings Per Common Share

The Company calculates basic and diluted earnings per common share in accordance with ASC 260 “Earnings Per Share,” using the two-class method because the Company’s unvested restricted stock is a participating security since these awards contain non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options. The following table reconciles earnings (loss) per common share for the years ended December 31, 2016, 2015 and 2014:

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Basic Earnings (Loss) per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(21,672

)

 

$

(17,934

)

 

$

(15,820

)

Distributed earnings to common shares

 

 

 

 

 

 

 

 

1,553

 

Distributed earnings to participating securities

 

 

 

 

 

 

 

 

101

 

Total distributed earnings

 

 

 

 

 

 

 

 

1,654

 

Undistributed loss allocable to common shares

 

 

(21,672

)

 

 

(17,934

)

 

 

(17,474

)

Undistributed earnings allocable to participating

   securities

 

 

 

 

 

 

 

 

 

Total undistributed loss

 

 

(21,672

)

 

 

(17,934

)

 

 

(17,474

)

Loss to common shares—basic

 

$

(21,672

)

 

$

(17,934

)

 

$

(15,921

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—

   basic

 

 

9,188

 

 

 

8,198

 

 

 

7,187

 

Basic earnings (loss) per common share

 

$

(2.36

)

 

$

(2.19

)

 

$

(2.22

)

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Diluted Earnings (Loss) per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Loss to common shares—basic

 

$

(21,672

)

 

$

(17,934

)

 

$

(15,921

)

Undistributed earnings allocated to participating

   securities

 

 

 

 

 

 

 

 

 

Undistributed earnings reallocated to participating

   securities

 

 

 

 

 

 

 

 

 

Loss to common shares—diluted

 

$

(21,672

)

 

$

(17,934

)

 

$

(15,921

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—

   basic

 

 

9,188

 

 

 

8,198

 

 

 

7,187

 

Dilutive effect of stock options

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—

   dilutive

 

 

9,188

 

 

 

8,198

 

 

 

7,187

 

Diluted earnings (loss) per common share

 

$

(2.36

)

 

$

(2.19

)

 

$

(2.22

)

 

There were 0, 0 and 175 common stock equivalents related to stock options that were anti-dilutive and excluded from diluted earnings per common share for the years ended December 31, 2016, 2015 and 2014, respectively, because their exercise prices were higher than the average market price of the underlying common stock for the period.

There were 187, 230 and 217 common stock equivalents related to stock options that were anti-dilutive and excluded from diluted earnings per common share for the years ended December 31, 2016, 2015 and 2014, respectively, because the Company incurred a net loss for the period.