Per Share Amounts and Common and Redeemable Shares Outstanding

We calculate our basic earnings per share by dividing net income or net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated in a similar manner, but include the effect of dilutive securities. To the extent these securities are antidilutive, they are excluded from the calculation of earnings per share. The per share amounts were computed as follows:



	Three Months Ended
	March 31, 2018			April 1, 2017
Income available to common shareholders:
Net loss	$	(6,627	)	$	(3,887	)

Weighted-average shares:
Basic:
Outstanding	25,229			24,967
Partially-paid share subscriptions	189			208
Basic weighted-average shares	25,418			25,175

Diluted:
Basic from above	25,418			25,175
Incremental shares from assumed:
Exercise of stock subscription purchase rights	146			145
Exercise of stock options and awards	912			896
Diluted weighted-average shares	26,476			26,216

Net loss per share--basic and diluted	$	(.26	)	$	(.15	)


K.	Per Share Amounts and Common and Redeemable Shares Outstanding (continued)

Common and Redeemable Shares Outstanding--A summary of the activity of the common and redeemable shares outstanding for the three months ended March 31, 2018 follows:



	Common Shares		Redeemable
	Net of Treasury Shares		Shares		Total
Shares outstanding at January 1, 2018	17,753,832		6,467,027		24,220,859
Shares purchased	(261,959	)	(39,105	)	(301,064	)
Shares sold	—		217,325		217,325
Stock subscription offering -- cash purchases	12,670		—		12,670
Options and awards exercised	12,649		—		12,649
Shares outstanding at March 31, 2018	17,517,192		6,645,247		24,162,439

On March 31, 2018, we had 24,162,439 common and redeemable shares outstanding, employee options exercisable to purchase 786,815 common shares, partially-paid subscriptions for 757,040 common shares and purchase rights outstanding for 302,797 common shares.

Stock Subscription Offering--Beginning May 2012, the Company offered to eligible employees and nonemployee directors the right to subscribe to common shares of the Company at $9.85 per share in accordance with the provisions of The Davey Tree Expert Company 2004 Omnibus Stock Plan and the rules of the Compensation Committee of the Company's Board of Directors (collectively, the "plan"). The offering period ended on August 1, 2012 and resulted in the subscription of 1,275,428 common shares for $12,563 at $9.85 per share.

Under the plan, a participant in the offering purchasing common shares for an aggregate purchase price of less than $5 had to pay with cash. All participants (excluding Company directors and officers) purchasing $5 or more of the common shares had an option to finance their purchase through a down-payment of at least 10% of the total purchase price and a seven-year promissory note for the balance due with interest at 2%. Payments on the promissory note can be made either by payroll deductions or annual lump-sum payments of both principal and interest.

Common shares purchased under the plan have been pledged as security for the payment of the promissory note and the common shares will not be issued until the promissory note is paid-in-full. Dividends will be paid on all subscribed shares, subject to forfeiture to the extent that payment is not ultimately made for the shares.

All participants in the offering purchasing in excess of $5 of common shares were granted a "right" to purchase one additional common share at a price of $9.85 per share for every three common shares purchased under the plan. As a result of the stock subscription, employees were granted rights to purchase 423,600 common shares. Each right may be exercised at the rate of one-seventh per year and will expire seven years after the date that the right was granted. Employees may not exercise a right should they cease to be employed by the Company.