Earnings per share

9 Months Ended

Sep. 30, 2015

Note 8 — Earnings per share

Earnings per share are calculated in accordance with ASC Topic 260, which specifies the computation, presentation and disclosure requirements for earnings per share (EPS). It requires the presentation of basic and diluted EPS. Basic EPS excludes all dilution and is based upon the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three and nine months ended September 30, 2015, there were 1,006,000 and 1,060,000 anti-dilutive stock options outstanding, respectively. For the three and nine months ended September 30, 2014 there were 1,010,000 and 972,000 anti-dilutive stock options outstanding, respectively.

The following is a reconciliation of the weighted average shares outstanding for the basic and diluted EPS computations (in thousands, except per share data):

	For the three months ended September 30,
	2015		2014
Income from continuing operations	$	1,297	$	668

Basic:
Shares outstanding at beginning of period		15,585		15,590
Weighted average shares issued (cancelled) during the period, net		4		(13	)
Weighted average common shares, basic		15,589		15,577
Net income per common share, basic	$	0.08	$	0.04
Diluted:
Weighted average common shares, basic		15,589		15,577
Weighted average shares issued (cancelled) during the period, net		4		-
Dilutive impact of stock options and restricted stock awards		66		58
Weighted average common shares, diluted		15,659		15,635
Net income per common share, diluted	$	0.08	$	0.04

	For the nine months ended September 30,
	2015			2014
Income from continuing operations	$	2,732		$	1,112

Basic:
Shares outstanding at beginning of period		15,592			15,473
Weighted average shares issued (cancelled) during the period, net		(43	)		25
Weighted average common shares, basic		15,549			15,498
Net income per common share, basic	$	0.18		$	0.07
Diluted:
Weighted average common shares, basic		15,549			15,498
Weighted average shares issued (cancelled) during the period, net		3			1
Dilutive impact of stock options and restricted stock awards		98			77
Weighted average common shares, diluted		15,650			15,576
Net income per common share, diluted	$	0.17		$	0.07