Earnings Per Common Share

Following is a summary of the information used in the computation of earnings per common share (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net loss available to common shareholders	$	(1,479	)	$	(6,225	)	$	(1,928	)	$	(4,545	)
Dividends on Series C preferred stock	—			—			—			—
Adjusted net loss available to common shareholders	$	(1,479	)	$	(6,225	)	$	(1,928	)	$	(4,545	)
Weighted average number of common shares outstanding used in computation of basic loss per common share	16,526			12,227			16,511			11,749
Effect of dilutive securities:
Stock options	3			10			3			13
Restricted stock	—			—			—			—
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted loss per share	16,529			12,237			16,514			11,762

On July 11, 2017, the Company completed the sale of an additional 516,700 shares of its common stock, pursuant to the partial exercise of the option to purchase additional shares granted to the underwriter in connection with the Company’s recently completed public offering of 4,583,334 shares at $12.00 per share. The partial exercise of the underwriter’s option to purchase additional shares resulted in additional gross proceeds of approximately $6.2 million bringing the total gross proceeds to approximately $61.2 million and total net proceeds to approximately $57.2 million.

Following is a summary of the securities that were excluded from the computation of diluted earnings per share because the effects of the shares were anti-dilutive (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
Stock options	31	84	31	84
Restricted stock	—	—	—	—
Shares subject to the outstanding warrant issued in connection with the CPP transaction	104	104	104	104
Convertible preferred stock	500	505	500	505