Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Common Share [Abstract]

EARNINGS PER COMMON SHARE

11. EARNINGS PER COMMON SHARE

(Share amounts in thousands)

The following table sets forth the computation of basic and diluted (loss) earnings per common share for the periods indicated:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2016		2015		2016		2015
Numerator for basic and diluted earnings per common share -
(Loss) income available to common stockholders:
Net (loss) income	$	(91,996)	$	5,362	$	(94,828)	$	9,649
Denominator:
Weighted average shares outstanding		10,263		10,284		10,248		10,272
Denominator for basic earnings per common share		10,263		10,284		10,248		10,272
Effect of dilutive securities:
Employee stock options		-		-		-		1
Other stock compensation plans		-		86		-		112
Dilutive potential common shares		-		86		-		113
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions		10,263		10,370		10,248		10,385
Basic (loss) earnings per common share	$	(8.96)	$	0.52	$	(9.25)	$	0.94
Diluted (loss) earnings per common share	$	(8.96)	$	0.52	$	(9.25)	$	0.93
Dividends paid per common share	$	0.04	$	0.04	$	0.08	$	0.08

During the three- and six-month periods ended June 30, 2016, there were approximately 47 and 46 anti-dilutive shares excluded from the preceding calculation, respectively.