Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

For the quarters and nine months ended September 30, 2019 and 2018, basic earnings per share were computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Unexercised stock options and unvested restricted shares are excluded from this calculation but are included in the diluted earnings per share calculation using the treasury stock method as long as their effect is not antidilutive.

The following table provides a reconciliation of weighted-average shares used to determine basic and diluted earnings per share:

	Quarter Ended   September 30,		Nine Months Ended   September 30,
In thousands	2019	2018	2019	2018
Basic average common shares outstanding	17,270	17,216	17,264	17,189
Effect of dilutive options and restricted stock awards	60	133	—	150
Diluted average common shares outstanding	17,330	17,349	17,264	17,339

Dilutive stock options totaling 53,892 shares of Common Stock were excluded from the diluted per share computation for the nine months ended September 30, 2019, as the Company reported a net loss during that period and, therefore, the effect of including these options would be antidilutive.

For each of the quarters ended September 30, 2019 and 2018, stock options for 584,725 shares and 162,830 shares of Common Stock were not considered in computing diluted earnings per common share because they were antidilutive.

For each of the nine months ended September 30, 2019 and 2018, stock options for 542,669 shares and 150,005 shares of Common Stock were not considered in computing diluted earnings per common share because they were antidilutive.