Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015
Weighted average common shares outstanding basic		29,849,005		30,674,604		29,682,798		30,873,594
Dilutive effect of stock options and restricted stock		226,473		275,968		266,913		339,488
Weighted average common shares outstanding diluted		30,075,478		30,950,572		29,949,711		31,213,082

Options to purchase 569,050 shares of common stock that were outstanding for the three and nine months ended September 30, 2016, 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. Options to purchase 463,200 shares of common stock that were outstanding for the three and nine months ended September 30, 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.