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Stockholders’ Equity and Earnings (Loss) per Share
6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Stockholders' Equity and Earnings (Loss) per Share
Stockholders’ Equity and Earnings (Loss) per Share
As of June 30, 2015, we had a total of 24,445,380 shares of common stock, $0.01 par value outstanding, including 594,812 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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Net income (loss) (numerator):
$
(652
)
 
$
1,556

 
$
723

 
$
(2,149
)
Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
(0.03
)
 
$
0.13

 
$
0.03

 
$
(0.18
)
Diluted
$
(0.03
)
 
$
0.13

 
$
0.03

 
$
(0.18
)
Shares (denominator):
 
 
 
 
 
 
 
Weighted-average number of shares outstanding - basic
23,851

 
12,263

 
24,455

 
12,257

Net effect of dilutive stock options, warrants and restricted stock units

 
43

 

 

Weighted-average number of shares outstanding - diluted
23,851

 
12,306

 
24,455

 
12,257


For all periods presented, the computation of diluted earnings (loss) per share excludes the 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 each of the three months ended June 30, 2015 and 2014, and 963,196 during each of the six months ended June 30, 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 495,227 and zero for the three months ended June 30, 2015 and 2014, respectively, and 495,227 and zero for the six months ended June 30, 2015 and 2014, respectively.