12.	Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:

	Quarters Ended September 30,					Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)	2018		2017			2018		2017
Net income (loss)	$	3,728	$	(8,924	)	$	16,621	$	13,447
Basic earnings per share:
Weighted average shares outstanding – basic		14,100,180		17,343,292			14,082,698		17,331,840
Net income (loss) per share	$	0.26	$	(0.51	)	$	1.18	$	0.78
Diluted earnings per share:
Weighted average shares outstanding – diluted (1)		14,346,585		17,343,292			14,321,113		17,684,519
Net income (loss) per share	$	0.26	$	(0.51	)	$	1.16	$	0.76

(1)

For the quarter ended September 30, 2017, “weighted average shares outstanding – basic” was used to calculate “diluted earnings per share” due to a net loss for the period.

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:

	Quarters Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Weighted average shares for basic earnings per share		14,100,180		17,343,292		14,082,698		17,331,840
Non-vested restricted stock		83,882		-		74,768		149,490
Options		162,523		-		163,647		203,189
Weighted average shares for diluted earnings per share		14,346,585		17,343,292		14,321,113		17,684,519

If the Company had not incurred a loss in the quarter ended September 30, 2017, 17,721,954 weighted average shares would have been used to compute the diluted loss per share calculation which would have included 164,693 shares of non-vested restricted stock and 213,969 share equivalents for options.

The weighted average shares outstanding used to determine dilutive earnings per share for the quarter and nine months ended September 30, 2018 does not include 600,000 shares which were deemed to be anti-dilutive. There were no anti-dilutive shares for the quarter or nine months ended September 30, 2017.