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Earnings per Share
6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings per Share
Earnings Per Share
Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of outstanding dilutive instruments, such as share options and warrants, if any, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of June 30, 2015 and 2014, the Company did not have any dilutive instruments outstanding.
The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three and six month periods ended June 30, 2015 and 2014:
(In thousands except for share amounts)
 
Three Month
Period Ended
June 30, 2015
 
Three Month
Period Ended
June 30, 2014
 
Six Month
Period Ended
June 30, 2015
 
Six Month
Period Ended
June 30, 2014
Numerator:
 
 
 
 
 
 
 
 
Net income
 
$
190

 
$
11,050

 
$
3,867

 
$
13,811

Denominator:
 
 
 
 
 
 
 
 
Basic and diluted weighted average shares outstanding
 
9,149,274

 
9,139,842

 
9,149,274

 
9,139,842

Basic and Diluted Earnings Per Share
 
$
0.02

 
$
1.21

 
$
0.42

 
$
1.51