Stockholders’ Equity and Earnings (loss) per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Stockholders' Equity and Earnings (loss) per Share

Stockholders’ Equity and Earnings (loss) per Share

As of March 31, 2015, we had a total of 24,620,243 shares of common stock, $0.01 par value outstanding, including 769,675 shares of restricted stock, and 85,011 shares held as treasury stock. Total authorized common stock is 100,000,000 shares.

Basic earnings (loss) per common share (“EPS”) is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows:

(in thousands, except per share data)	Three Months Ended March 31,
	2015		2014
Net income (loss) (numerator):	$	1,375	$	(3,705	)
Earnings (loss) per share:
Basic	$	0.06	$	(0.30	)
Diluted	$	0.06	$	(0.30	)
Shares (denominator):
Weighted-average number of shares outstanding - basic	24,629		12,251
Net effect of dilutive stock options, warrants and restricted stock units	—		—
Weighted-average number of shares outstanding - diluted	24,629		12,251

For all periods presented, the computation of diluted earnings (loss) per share excludes the dilutive effect of certain outstanding stock options and warrants because their inclusion would be anti-dilutive.  The number of options that were excluded from diluted earnings (loss) per share were 963,196 during both the three months ended March 31, 2015 and 2014. A warrant to purchase 2,198,000 shares of our common stock was anti-dilutive in both periods and expired unexercised on March 2, 2015.  Restricted stock units, which are not participating securities and are excluded from our basic and diluted earnings (loss) per share because they are anti-dilutive, were 343,150 and zero for the three months ended March 31, 2015 and 2014, respectively.