ARNINGS (LOSS) PER SHARE

Basic earnings per share is computed using the weighted average number of shares of common stock outstanding during the period. In periods of earnings, the weighted average number of shares used in the diluted calculation includes common stock equivalents related to stock options and restricted stock. The following table presents the basis of the earnings per share computation (in thousands):



	Three Months Ended March 31,
	2018		2017
Numerator for basic and diluted loss per share:
Net earnings (loss) applicable to common shareholders	$	1,819	$	(2,048	)

Denominator for basic and diluted loss per share:
Denominator for basic and diluted loss per share — weighted average shares	12,941		12,880
Assumed exercise of stock options	96		—
Assumed satisfaction of restricted stock conditions	29		—
Denominator for diluted earnings per share — adjusted weighted average shares	13,066		12,880

Common stock equivalents of certain stock-based awards totaling 209,907 were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2018 as they were anti-dilutive. There is no dilutive effect of the restricted stock and stock options for the three months ended March 31, 2017 due to the net loss in this period. There would have been 33,728 of these shares included in the diluted calculation for the three months ended March 31, 2017, had there been earnings in this period.