Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2016

7. Net Income (Loss) Per Common Share

Net income (loss) per common share, as shown on the accompanying Condensed Consolidated Statements of Operations (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the periods as follows:

	For the Three Months Ended March 31,
	2016		2015
Weighted average common shares outstanding basic		29,547,514		31,026,468
Dilutive effect of stock options and restricted stock		—		344,244
Weighted average common shares outstanding diluted		29,547,514		31,370,712

There were 2,136,840 stock-based awards excluded from the computation of net loss per common share for the three months ended March 31, 2016 due to the Company's net loss for the period. Options to purchase 400,866 shares of common stock that were outstanding for the three months ended March 31, 2015 were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and were therefore anti-dilutive.