Earnings Per Common Share

9 Months Ended

Sep. 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				Nine Months Ended
		September 30,				September 30,
		2016		2015		2016		2015
Numerator for basic and diluted earnings per common share -
(Loss) available to common stockholders:
Net loss	$	(5,982)	$	(57,422)	$	(100,810)	$	(47,773)
Denominator:
Weighted average shares outstanding		10,296		10,256		10,264		10,266
Denominator for basic earnings per common share		10,296		10,256		10,264		10,266
Effect of dilutive securities:
Employee stock options		-		-		-		-
Other stock compensation plans		-		-		-		-
Dilutive potential common shares		-		-		-		-
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions		10,296		10,256		10,264		10,266
Basic loss per common share	$	(0.58)	$	(5.60)	$	(9.82)	$	(4.65)
Diluted loss per common share	$	(0.58)	$	(5.60)	$	(9.82)	$	(4.65)
Dividends paid per common share	$	0.04	$	0.04	$	0.12	$	0.12

During the three-month periods ended September 30, 2016 and 2015, there were approximately 34 and 48 anti-dilutive shares excluded from the preceding calculation, respectively. During the nine-month periods ended September 30, 2016 and 2015, there were 80 and 81 anti-dilutive shares excluded from the preceding calculation, respectively.